Bush cites ‘unsettling times’ in housing market

[maseman]

Source: MSNBC/AP

WASHINGTON - President Bush on Thursday cited “some unsettling times” in the U.S. housing and credit markets as he sought to assure jittery Americans that the economy basically is in good shape despite worries about a recession.

“I say that the fundamentals of our nation’s economy are strong,” Bush told a White House news conference.

A week after approving modest troop cuts in Iraq, Bush held a midmorning news conference at the White House, his first since Aug. 9.


Read more: http://www.msnbc.msn.com/id/17152244/

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Yeah it is going so well. We added only 4,000 jobs in August and the dollar is collapsing. Very great indeed asswipe.

[CountAllVotes]

1. tell that to my cousin

House value dropped $45,000.00 in 30 days!!!!!

:kick:

[maseman]

3. And don't forget

Not only has the house value dropped $45,000 but if you are forced to move due to a job, family member sick, divorce, etc. it could take him another 12 to 24 months to sell it. If you have two mortgages that could drive someone broke before they even sell their house.

A couple who are good frineds of mine moved from Cannonsburg, PA to eastern PA 18 months ago. They still have not sold their home. They have been forced to live in an apartment in their new city while having a baby a year ago. Thank goodness he has a good job but think how much in savings he could hae done rather then paying rent on top of a mortgage for an empty house.

[CountAllVotes]

5. yep

that is about the situation - lost the job, refinanced the house when it was at its peak - cannot make the house payments - house rapidly dropping in value.

Thank you very much *!! :mad:

:kick:

[Dr.Phool]

7. I know that feeling

After I moved to Florida, it took me 4 years to sell my house in Cleveland. Last year I sold it to a "flipper" for 20,000 less than I paid for it 15 years ago, half of my original asking price, just to unload the payment.

He's still trying to sell it.

[MissB]

14. Wow.

I'm sorry! That really sucks. On the other hand, at least it isn't hanging over your head.

[Warpy]

2. We had a net job LOSS in August of 4400

and that's the number they admit to. It's very likely we lost many more than that as the building industry screeches to a halt.

The drop in the dollar is due to the rate cut by the Fed. We'll be very lucky if the slide doesn't turn into a plunge.

Unless we're plutocrats who see their paper profits increase every month, we are in a deep recession. The only thing holding this economy up are debt, hot air and wishful thinking.

[maseman]

4. Sorry, you are correct

I was trying to remember without looking it up. It was a 4,000 job loss, not gain. Plus all the months before August they have revised the job gain numbers down from the original reports. Liars.

[brentspeak]

6. "...fhe fundamentals of our nation's (BILLIONAIRE'S) economy are strong..."

Bush left out a word.

[oneinok]

8. In Tulsa

Over 50% of the houses on the market are vacant. People are leaving this place at a record pace.

[Warpy]

11. It's that way in NM

Half of them are probably people who were transferred out of state. The rest are foreclosures, most of them foreclosed speculator properties that were never lived in after construction. I say this because the properties are clean and the advertising goes, "Three years young! Never lived in!"

As owners who occupy houses are foreclosed they often trash the properties, either through losing interest in keeping up a property that has become a burden, losing hope, or just losing it against a mortgage company that jacked up their ARM beyond their ability to pay.

It's an ugly situation. Mortgagers are either going to have to curtail those ARM adjustments or they're going to have to try to keep the occupants in the properties as renters unless they want to be handed a huge inventory of property that is derelict and too trashed to rent to anyone else.

[paparush]

9. Today: $1 Canadian = $1 US

First time since 1976.

Hey, chimpface, about those fundamentals....???

[displacedtexan]

10. No mention of the "ownership society?"

I didn't watch the press event (I refuse to call it a press conference).

Did anyone dare ask pointed questions today?

[TexasBushwhacker]

12. No George, YOU need to talk to economists!

From the article:

"Pressed on whether he thought there was any risk of recession, Bush said: "You need to talk to economists. I think I got a B in Econ 101."

Good grief, he's such a dick!

[uppityperson]

13. I say you don't know what you are talking about. Housing market and Mandela, fool. eoom

[Karenina]

15. Translation:

"I dunno and don't care about you folks, but I be high-tailing it to Paraguay once I done cleaned mahsef up. Hope it was good for you too."

[cliss]

16. Words of wisdom, straight from the horse's _ _ _ .

Wednesday real estate update, from Portland OR

There are so many 'For Sale' signs everywhere! It's like every 3rd house is for sale.
Also, I'm seeing a lot of housing projects, which seem to be stopped in their tracks. Several lots with 4 walls of plywood, and they've been like that for several weeks. No one is there. The bad part, the winter rains are going to start pretty soon. These foundations + 4 walls are going to get ruined if they just stand there.

Also, I see several building projects which seem to be stopped. Just an empty lot with dirt and little sticks with fluorescent ribbons.
Last month, they came and picked up the Porta Potties I guess that's a serious sign.

DIRE, baby.