Pending home sales in August lift hopes

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: September 11, 2008 - 7:33 AM

The home-sales market remains weak, but a reduction in new listings helps sellers, and new purchase agreements were up 15 percent from August 2007.

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jmarksorSep. 11, 08 7:57 AM

put your money in gold and go offshore-real estate is the worst possible investment for the forseeable future

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macca003Sep. 11, 08 8:32 AM

This is an obvious fact, which indicates that the generality of your claim is unfounded. Moreover, there are many good reasons for not wanting to live in a condo, whether you rent or own it.

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doodahSep. 11, 08 8:58 AM

is an idiot...mr. glass half empty, the sky is falling type. look for him whenever the local teams lose a game in the sports section. I wonder how he gets out of bed in the morning...

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DANNYBOY_100Sep. 11, 08 9:02 AM

Do you work for a condo developer? The best thing people can do is stay in their homes and reap the benfits of home ownership, a long term investment. There are ups and downs in every market. The problem of the last 2 years is, in part, due to people who forgot that housing is a long term investment. People thought they could buy a house and sell it 2 years later at a 20-50% profit. Anyone with a brain knows that isn't a sustainable model of investment. Everyone relax, enjoy the home you have and know that this is part of a normal economic cycle.

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topmanlbSep. 11, 08 9:12 AM

Serious question...we won't know for sure until we see it, but I would like to know what others look for in sizing the market up. Anyone want to share their ideas?

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pfbramSep. 11, 08 9:34 AM

Dropping price of homes is worrisome to the speculators and banks, but as a consumer I WANT low prices. A genuine sign of reversal will be solid evidence that X-Gen wage earners begin to earn more cash relative to cost of real estate. Many statistics I've read suggest that nearly all new wealth, adjusted for inflation, in the past couple decades has gone to the over over-50 demographic. Until younger people and the new middle-aged have more money in their pockets, we've not hit bottom yet.

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twinman55Sep. 11, 0811:02 AM

My guess is the August pending sales is due to home buyers having to get in before school starts. I think home prices have some more to fall (5-15%?) to become affordable enough to move volume up, which I'd say is next summer at the earliest.

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hot7wheelsSep. 11, 08 3:33 PM

People keep loosing jobs so it’s not a bottom yet. Plus my house for sale right now and for two month no one come to see it??? If I sell my house I definitely look for something extremely cheap. It’s terrible when you live only to pay your bills. The only reason people been buying houses like crazy in past just because they been told that in 2 year you sell your house and get lots of money, I got caught too on that hook. The only thing that can help is lower interest rates if for example some one give me 4%apr on my house i never leave it i will pay for it.

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DavegaebertSep. 11, 0811:11 PM

these media articles make it sound like its all rosy and soon we'll be back to the old days. The problem is there are about $300 billion in option ARMs and $820 billion in interest only mortgages set to recast whether it is because of caps being reached or anniversary dates. these shaky loans in a declining real estate market encompass 15% of all securitized loans. this will be the basis of this next phase of the credit market and real estate collapse which will happen in 2009-2011 as these loans come apart and the underlying investors run for cover.

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