"If this is a soft landing, it's not a plane I want to be riding on."

[w¡n9Nµ7 §£@¥€r 123]

A housing collapse is under way, and that means terrible things for the economy in 2007. Or does it? To assess the damage we dropped in on the Home Depot...

[...]

Chief Executive Robert Nardelli says that a year ago Home Depot envisioned a housing decline of 5% to 7%. Would that it were so. Construction of new homes in October was 28% below the year-earlier figure.

[...]

"We haven't seen the worst of it yet," says Nardelli from his Atlanta headquarters. "Seventy-five thousand construction jobs are gone. We see these guys in our stores, competing with [established] contractors."

Home builders like Centex, D.R. Horton and Pulte have written off close to $1 billion in raw land inventory. "I've never seen a pull-back so fast," says Nardelli. "It takes them 18 months to remobilize. I'm not sure they can turn it on again. If this is a soft landing, it's not a plane I want to be riding on."

http://www.forbes.com/free_forbes/2007/010...tml?partner=rss

[GaryC 7]

It's good news for some, bad news for others. If you are looking to buy a home then you could get a real deal. If you are wanting to sell or trade a home or you have one of those stupid interest only loans then things are not so good.

Later this year or early next year I hope that Luz and I can buy a home. (I am renting right now) It might be good timing for me.

[w¡n9Nµ7 §£@¥€r 123]

It's good news for some, bad news for others. If you are looking to buy a home then you could get a real deal. If you are wanting to sell or trade a home or you have one of those stupid interest only loans then things are not so good.

Later this year or early next year I hope that Luz and I can buy a home. (I am renting right now) It might be good timing for me.

Since you're a renter, you may find this interesting: http://calculatedrisk.blogspot.com/2007/01...ters-break.html

[GaryC 7]

It's good news for some, bad news for others. If you are looking to buy a home then you could get a real deal. If you are wanting to sell or trade a home or you have one of those stupid interest only loans then things are not so good.

Later this year or early next year I hope that Luz and I can buy a home. (I am renting right now) It might be good timing for me.

Since you're a renter, you may find this interesting: http://calculatedrisk.blogspot.com/2007/01...ters-break.html

Interesting. What would be ideal for me would to find a house I could rent for a year or so and then buy. I had some major credit problems after my divorce 3 1/2 years ago and I am trying to put some time and good credit reports after that. I know Luz wants to be a home owner and I would love to own my own home again.

[eric&gen 0]

Renting sucks.

[GaryC 7]

Renting sucks.

Yes it does. I have owned my own home for 22 years. But since my life is in flux until Luz gets here I have to live with it. Trust me, when she is here and I have repaired my credit sufficiently I will own a home again.

[almaty 19]

Renting sucks.

Yes it does. I have owned my own home for 22 years. But since my life is in flux until Luz gets here I have to live with it. Trust me, when she is here and I have repaired my credit sufficiently I will own a home again.

been there brother gary.....

[Fandango 1,439]

the new construction industry is really hurting due to the over-speculation.

I mean it's only logical that it would come to an end! And even know, I see developments breaking ground and I think 'what on earth are they thinking?'

[w¡n9Nµ7 §£@¥€r 123]

the new construction industry is really hurting due to the over-speculation.

I mean it's only logical that it would come to an end! And even know, I see developments breaking ground and I think 'what on earth are they thinking?'

I got an email a few days ago announcing a grand opening out in Pennsyltuckey. My wife and I visited them a few weeks ago because we were in the area, very nice homes, gorgeous area but a 2.5 hour commute to NYC, a 1.5 hour commute to my current job. Totally affordable even if we sell our condo at the low low 2006 prices. Funny thing is, we went on a Saturday afternoon, awesome weather.. and the place was empty. Empty. I remember visiting similar new developments back in 04 and holy sh!t, what a contrast.

[mawilson 2,133]

It's good news for some, bad news for others. If you are looking to buy a home then you could get a real deal. If you are wanting to sell or trade a home or you have one of those stupid interest only loans then things are not so good.

Later this year or early next year I hope that Luz and I can buy a home. (I am renting right now) It might be good timing for me.

Same here. I want to buy something in a year or so, so the timing of this recession couldn't be better.

Renting sucks.

Unless you have a rent-controlled apartment

[LaL 418]

the new construction industry is really hurting due to the over-speculation.

I mean it's only logical that it would come to an end! And even know, I see developments breaking ground and I think 'what on earth are they thinking?'

I got an email a few days ago announcing a grand opening out in Pennsyltuckey. My wife and I visited them a few weeks ago because we were in the area, very nice homes, gorgeous area but a 2.5 hour commute to NYC, a 1.5 hour commute to my current job. Totally affordable even if we sell our condo at the low low 2006 prices. Funny thing is, we went on a Saturday afternoon, awesome weather.. and the place was empty. Empty. I remember visiting similar new developments back in 04 and holy sh!t, what a contrast.

we are a similar thing here. cape coral is hit pretty bad - whole sections mid-development halted. Completed homes are empty. Up here in Tampa though, it's not so severe, and we are still out-priced (for now)

[Thingee 0]

The area I live in went through an incredible boom....population increased 20% in 5 years time. They're still throwing up huge houses just as fast(and as cheaply) as they can. Things have slowed here, but not yet ground to a halt. A year ago if you put a house on the market you had competing bids within a week. Now houses will sit for months. Worked for me though, bought my house a couple of months ago for nearly 90k under the original asking price(no nibbles for 8 months, then I came along).

[dalegg 143]

It's good news for some, bad news for others. If you are looking to buy a home then you could get a real deal. If you are wanting to sell or trade a home or you have one of those stupid interest only loans then things are not so good.

Later this year or early next year I hope that Luz and I can buy a home. (I am renting right now) It might be good timing for me.

Why is this bad for interest only loans?

[mawilson 2,133]

Why is this bad for interest only loans?

Interest-only loans are only good if you expect the value of your property to increase.

[dalegg 143]

Why is this bad for interest only loans?

Interest-only loans are only good if you expect the value of your property to increase.

Why is that? What if you are not just making minimum payments?