Optimism or not, the fact that new sales rebounded is offset by mortgage apps falling through the floor.
And the fact that yet another large mortgage outfit is calling it quits. If these boys can't stay in business, they must not be too optimistic for the future prospects of recovery.
Two years ago, the UK's housing sales and prices were starting to tank, but OPEC buyers brought the market back last year. I think it is unlikely that oil money buyers will pull the US market back up. US lot prices are sinking faster and deeper than house prices. The big builders are not buying land, so the situation should only get worse.
Two years ago, the UK's housing sales and prices were starting to tank, but OPEC buyers brought the market back last year. I think it is unlikely that oil money buyers will pull the US market back up.
Not after Patriot was enacted.
They might buy our MBS & treasuries (probably bought via proxies & held in the Caymans or Switzerland)... but I don't see them putting down 'roots' in the US anytime soon.
ibd, Beazer recently closed on 179 lots in the Orlando area and they plan to build models for the new development in January.
They purchaesd the land from St. Joe, the largest landholder in Florida, and a company that itself was in the building biz until this year. Now they are a very weak land bank.
The terms of the sale were not disclosed, but I'll bet JOE gave Beazer a deal they couldn't refuse.
In any case, I think this is a lose-lose for both companies.
"...yet another large mortgage outfit is calling it quits."
From the article: "Alliance Bankshares said it will take a fourth quarter pre-tax charge in a range of $540,000 and $675,000 to wind down the operations of Alliance Home Funding, LLC."
That just really doesn't sound that large to me.
And OPEC money really turned around the UK housing market?
CR goes to great lengths to keep this the most even-handed blog on the subject. I really wish we could leave off the hyperbole, and assorted nonsense like references to "underground mortgage shops."
Sorry, but this is the last blog I post to and I'd hate to see it follow the path of so many others.
Ok, Bob leave the ship. See, if we care, now that the wind has died and you have the only paddle.
We'll manage.
The tides are slack right now and we don't need your level-headed comments. Besides, the wind is supposed to pick up.
Possibly even surge.
(You nautical types familiar with the wind surging? Ok, I did just make that up, but what would you do if your main paddler just threatened to leave?)
Ok people, be on the lookout for stray paddles...even stray paddlers.
We aren't fussy.
Or proud.
They were ahead of us on the bubbleation curve & was already heading down a couple years ago then 'unexpectedly' revived somewhat & are still up a bit.
This second blip coincided with the post Katrina run up in oil prices... coincidence or causation?
The 'conventional wisdom' was that the gush of increased oil money had to go somewhere & it went into reserves but also European real estate.
I can't find a damned thing to prove it one way or another BUT there is evidence the Gulf OPEC states do NOT want to continue to overload on USD denominated assets...
I don't see even an allusion to OPEC money in your BBC link.
When they speak of investments in real estate, I think it's a pretty safe bet they're speaking of commercial real estate.
Do you honestly believe OPEC oil money is being invested in single family homes across Britain? An incredibly illiquid asset at, or at least near, the top of a market?
Years ago, I had a neighbor who beleieved the sky would become overcast every time a space shuttle went up, she couldn't prove a relationship, nor could I prove otherwise. In her mind, that was that.
Optimism or not, the fact that new sales rebounded is offset by mortgage apps falling through the floor.
And the fact that yet another large mortgage outfit is calling it quits. If these boys can't stay in business, they must not be too optimistic for the future prospects of recovery.
Two years ago, the UK's housing sales and prices were starting to tank, but OPEC buyers brought the market back last year. I think it is unlikely that oil money buyers will pull the US market back up. US lot prices are sinking faster and deeper than house prices. The big builders are not buying land, so the situation should only get worse.
Two years ago, the UK's housing sales and prices were starting to tank, but OPEC buyers brought the market back last year. I think it is unlikely that oil money buyers will pull the US market back up.
Not after Patriot was enacted.
They might buy our MBS & treasuries (probably bought via proxies & held in the Caymans or Switzerland)... but I don't see them putting down 'roots' in the US anytime soon.
London is far better for that.
ibd, Beazer recently closed on 179 lots in the Orlando area and they plan to build models for the new development in January.
They purchaesd the land from St. Joe, the largest landholder in Florida, and a company that itself was in the building biz until this year. Now they are a very weak land bank.
The terms of the sale were not disclosed, but I'll bet JOE gave Beazer a deal they couldn't refuse.
In any case, I think this is a lose-lose for both companies.
"...yet another large mortgage outfit is calling it quits."
From the article: "Alliance Bankshares said it will take a fourth quarter pre-tax charge in a range of $540,000 and $675,000 to wind down the operations of Alliance Home Funding, LLC."
That just really doesn't sound that large to me.
And OPEC money really turned around the UK housing market?
CR goes to great lengths to keep this the most even-handed blog on the subject. I really wish we could leave off the hyperbole, and assorted nonsense like references to "underground mortgage shops."
Sorry, but this is the last blog I post to and I'd hate to see it follow the path of so many others.
Ok, Bob leave the ship. See, if we care, now that the wind has died and you have the only paddle.
We'll manage.
The tides are slack right now and we don't need your level-headed comments. Besides, the wind is supposed to pick up.
Possibly even surge.
(You nautical types familiar with the wind surging? Ok, I did just make that up, but what would you do if your main paddler just threatened to leave?)
Ok people, be on the lookout for stray paddles...even stray paddlers.
We aren't fussy.
Or proud.
And OPEC money really turned around the UK housing market?
Bob - the UK market has held up pretty well price wise but is under many of the same pressures we feel here - most notably 'affordability'.
Here's a link from the BBC...
They were ahead of us on the bubbleation curve & was already heading down a couple years ago then 'unexpectedly' revived somewhat & are still up a bit.
This second blip coincided with the post Katrina run up in oil prices... coincidence or causation?
The 'conventional wisdom' was that the gush of increased oil money had to go somewhere & it went into reserves but also European real estate.
I can't find a damned thing to prove it one way or another BUT there is evidence the Gulf OPEC states do NOT want to continue to overload on USD denominated assets...
From the FT.
dryfly,
I don't see even an allusion to OPEC money in your BBC link.
When they speak of investments in real estate, I think it's a pretty safe bet they're speaking of commercial real estate.
Do you honestly believe OPEC oil money is being invested in single family homes across Britain? An incredibly illiquid asset at, or at least near, the top of a market?
Years ago, I had a neighbor who beleieved the sky would become overcast every time a space shuttle went up, she couldn't prove a relationship, nor could I prove otherwise. In her mind, that was that.