Home prices see biggest rise in over two years.

http://finance.yahoo.com/news/home-prices-biggest-rise-more-140800127.html

In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index.

The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer's tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.

This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.

The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building.
The latest rise in the Case-Shiller index was the second straight quarter of year-over-year improvement, while the monthly annual reading has climbed for four months in a row.

Home prices are now back to where they were in early 2003, before the housing bubble inflated over the next three years before bursting. Even with the recent gain, the index is down 28.6% from the peak level reached the first quarter of 2006.

Back to 2009 levels which is back to 2004 levels. Could be worse, I guess.

Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

So because you don't have enough equity available for your home, that means the housing market hasn't improved, according to your deduction. Not a viable conclusion. Your all or nothing thinking doesn't prove that the market has not improved.

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Your personal, anecdotal story totally invalidates the fact that refi's are currently very strong and make up 81% of all mortgage applications.

boards of FL wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Your personal, anecdotal story totally invalidates the fact that refi's are currently very strong and make up 81% of all mortgage applications. [img][/img]

You'd be surprised at how many of those APPLICATIONS are followed by very disappointing appraisals.

True, the average sale price increased slightly but, at the same time, the number of sales declined in November and October's was revised down.

Anyone looking at the housing market to pull us out of this recession is grossly mistaken. Investors are still buying bank owned, foreclosures and short sales at prices far below what would be expected for such properties. Vacant lot and land sales are hard to even detect.

For ONCE some of our trade magazines are starting to say that they expect the market to return to "normal" around 2017. Even THEY put normal in quotation marks because no one in the industry knows or can even guess at what the new "normal" will be in another four years.

There has always been a ratio, a factor or whatever you want to call it between median incomes and median home sales prices. That makes sense. By July 2006, when the market reached its peak, it was so far out of line that it was stunning.

We do know that incomes have dropped since President Barack Hussein Obama took office. If they continue to go down, home prices will have to follow.

By the way, a tick up in sale prices is not telling by itself. It can be that more expensive houses are selling. You may have seen on the news where the Chinese are now buying very expensive homes at a rapid pace. Unlike 20 years ago when the Japanese were buying everything in sight, the Chinese are not buying office buildings or apartment complexes but rather second homes.

The housing industry had great hope if we had a change in the administration. With the re-election of President Obama you could feel the disappointed sigh.

boards of FL wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Your personal, anecdotal story totally invalidates the fact that refi's are currently very strong and make up 81% of all mortgage applications.

Lots of people can't get loans that have great credit. I should have 40k in equity in my house or more at this time, but nooooooo....they guy behind me sold his house just 12 months ago. Same size approximately and only got 60k. It's horsecaca.

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Bull. If you can't refi, it's an income problem. Even then, there are options provided by your bank and the Federal government.

Margin Call wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Bull. If you can't refi, it's an income problem. Even then, there are options provided by your bank and the Federal government.

You really should reserve your comments for something about which you have some knowledge. Millions of people simply have no equity or are underwater and will be for years to come.

The income statement is foolish.

The Federal Government plans were and are campaign rhetoric and have done nothing but slow the recovery.

Markle wrote:

Margin Call wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Bull. If you can't refi, it's an income problem. Even then, there are options provided by your bank and the Federal government.

You really should reserve your comments for something about which you have some knowledge. Millions of people simply have no equity or are underwater and will be for years to come.

The income statement is foolish.

The Federal Government plans were and are campaign rhetoric and have done nothing but slow the recovery.

Look at the numbers DOG provided. He likely has pretty close to 20% equity in the house. Nope. It's an income problem. There are options.

Markle wrote:

boards of FL wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Your personal, anecdotal story totally invalidates the fact that refi's are currently very strong and make up 81% of all mortgage applications. [img][/img]

You'd be surprised at how many of those APPLICATIONS are followed by very disappointing appraisals.

True, the average sale price increased slightly but, at the same time, the number of sales declined in November and October's was revised down.

Anyone looking at the housing market to pull us out of this recession is grossly mistaken. Investors are still buying bank owned, foreclosures and short sales at prices far below what would be expected for such properties. Vacant lot and land sales are hard to even detect.

For ONCE some of our trade magazines are starting to say that they expect the market to return to "normal" around 2017. Even THEY put normal in quotation marks because no one in the industry knows or can even guess at what the new "normal" will be in another four years.

There has always been a ratio, a factor or whatever you want to call it between median incomes and median home sales prices. That makes sense. By July 2006, when the market reached its peak, it was so far out of line that it was stunning.

We do know that incomes have dropped since President Barack Hussein Obama took office. If they continue to go down, home prices will have to follow.

By the way, a tick up in sale prices is not telling by itself. It can be that more expensive houses are selling. You may have seen on the news where the Chinese are now buying very expensive homes at a rapid pace. Unlike 20 years ago when the Japanese were buying everything in sight, the Chinese are not buying office buildings or apartment complexes but rather second homes.

The housing industry had great hope if we had a change in the administration. With the re-election of President Obama you could feel the disappointed sigh.

Cry me a river. When will you admit that your party threw monkey wrench? Oh, it so breaks my heart to see egotistical, greedy bastards cry.

http://moneymorning.com/tag/hud-bailout/

Floridatexan wrote:

Markle wrote:

boards of FL wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Your personal, anecdotal story totally invalidates the fact that refi's are currently very strong and make up 81% of all mortgage applications. [img][/img]

You'd be surprised at how many of those APPLICATIONS are followed by very disappointing appraisals.

True, the average sale price increased slightly but, at the same time, the number of sales declined in November and October's was revised down.

Anyone looking at the housing market to pull us out of this recession is grossly mistaken. Investors are still buying bank owned, foreclosures and short sales at prices far below what would be expected for such properties. Vacant lot and land sales are hard to even detect.

For ONCE some of our trade magazines are starting to say that they expect the market to return to "normal" around 2017. Even THEY put normal in quotation marks because no one in the industry knows or can even guess at what the new "normal" will be in another four years.

There has always been a ratio, a factor or whatever you want to call it between median incomes and median home sales prices. That makes sense. By July 2006, when the market reached its peak, it was so far out of line that it was stunning.

We do know that incomes have dropped since President Barack Hussein Obama took office. If they continue to go down, home prices will have to follow.

By the way, a tick up in sale prices is not telling by itself. It can be that more expensive houses are selling. You may have seen on the news where the Chinese are now buying very expensive homes at a rapid pace. Unlike 20 years ago when the Japanese were buying everything in sight, the Chinese are not buying office buildings or apartment complexes but rather second homes.

The housing industry had great hope if we had a change in the administration. With the re-election of President Obama you could feel the disappointed sigh.

Cry me a river. When will you admit that your party threw monkey wrench? Oh, it so breaks my heart to see egotistical, greedy bastards cry.

Why do you hate your "friends" and neighbors so much?

It seems she bailed after my link.

July 2006 was the peak price on a national average.

On an average of 20 major markets, we're down to where prices were in 2003. We've lost a decade.

FHA is in deep trouble with more foreclosures coming.

Here is a reliable index used as a resource by many news organizations. I have been following it for many years. It didn't take a PhD in arithmetic to see that the heck was going to hit the fan.

It is free, reliable and has no agenda.

http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----

Margin Call wrote:

Markle wrote:

Margin Call wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Bull. If you can't refi, it's an income problem. Even then, there are options provided by your bank and the Federal government.

You really should reserve your comments for something about which you have some knowledge. Millions of people simply have no equity or are underwater and will be for years to come.

The income statement is foolish.

The Federal Government plans were and are campaign rhetoric and have done nothing but slow the recovery.

Look at the numbers DOG provided. He likely has pretty close to 20% equity in the house. Nope. It's an income problem. There are options.

I don't think you looked at the figures he gave. He said he had equity of about $55,000 and a neighbor sold a similar house, nearby, for $60,000. I don't know the specifics but prices on an average of 20 major markets dropped since 2011. That would equal little if any equity.

We'll probably bounce along at about this level for a couple years unless another shoe drops.

Markle wrote:

Margin Call wrote:

Markle wrote:

Margin Call wrote:

PACEDOG#1 wrote:Not. Try getting a refinance on your house right now. They'll tell you that you don't have enough equity. My wife bought her house and had 15k in a down payment when the deal was done in 2004. It was bought for around 88k. We currently owe 52k and the refi people said we don't have enough equity for even a refinance. So much for an improved housing market.

Bull. If you can't refi, it's an income problem. Even then, there are options provided by your bank and the Federal government.

You really should reserve your comments for something about which you have some knowledge. Millions of people simply have no equity or are underwater and will be for years to come.

The income statement is foolish.

The Federal Government plans were and are campaign rhetoric and have done nothing but slow the recovery.

Look at the numbers DOG provided. He likely has pretty close to 20% equity in the house. Nope. It's an income problem. There are options.

I don't think you looked at the figures he gave. He said he had equity of about $55,000 and a neighbor sold a similar house, nearby, for $60,000.

You got it half right...read it again.

PkrBum wrote:It seems she bailed after my link.

Don't flatter yourself.