LAST EDITED ON Jan-23-16 AT 07:43PM (MST)[p]How is this not good news? Oh yeah, it's an election year and your party is vying for the office. Unless...your entire agenda is to play down good news and magnify bad news.
Party before people, screw America, we need America, specifically the American citizen to hurt so we can save it. Let's all gather and pray for something bad, crashed market, ebola, terrorism on our shores, something...please God, give us something we need all the help we can get.
There was an excess of inventory and credit markets were tight. So this is a good sign, let us hope that reforms in the mortgage company have improved for these people.
I must say
I believe Elk is spot-on let us all hope these buyers and car owners make their payments. It ain't looking good though if you look at cars and 90 day default numbers...but that is another post you a.d.ders.
There was a reason GS and Citi said "Get Out".
We are basically screwed after the election as we most likely are heading for a global double dip. The market will take huge swings typical of a depression. But what does that mean when you have put down 3.75% at 4%? Me thinks not much for the buyer, easy to just walk away. We just saw it happen....
@ Homer, worthy of it's own post and maybe evident of the credit society we live in. Why have cash in a savings account when you have a card with a $25K limit and 0 balance?
The gamble of cheap money and a possible double dip may have been worth it to move the inventory. Housing is a large sector of our GDP and our economy is beyond fragile like every other country right now. We just aren't as fragile....yet..Yay!