Dianne
08-17-2011, 02:43 PM
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4964377#4964379
Source: Associated Press
ATKINSON, Ill. (AP) -- President Barack Obama said Wednesday that it will likely be another year or more before the housing market picks up and home prices and sales start rising.
But he said Washington, lately the target of public ire, can't make that happen on its own. He said consumers, banks and the private sector will need to help, too.
Obama spoke at a town hall in the western Illinois town of Atkinson on the third and final day of a bus tour of politically important Midwest states. His comments were in response to a question from the owner of a local real estate company, who said she had begun to see a turnaround in late spring. But her phones stopped ringing after last month's "debt ceiling fiasco," when the government came close to defaulting on its financial obligations.
"We have no consumer confidence after what has just happened," she told the president. "I should be out working 14 hours a day and I am not."
Read more: http://finance.yahoo.com/news/Obama-Another-year-or-mor...
COMMENTS:
Earth_First (1000+ posts) Wed Aug-17-11 03:36 PM
1. I like the "or more" caveat...
Just like the troop withdrawl.
county worker (1000+ posts) Wed Aug-17-11 03:39 PM
2. What a freaking joke!
Home prices are at a 5 to 6 year low. Interest rates are at historical low levels.
Yet consumers can't buy because of unemployment, the economy or lack of down payment or credit.
RKP5637 (1000+ posts) Wed Aug-17-11 03:44 PM
Response to Reply #2
5. Similar thoughts here too, now we want prices to go up, so what, so the
banks and speculators can make even more money off of the disadvantaged. What a F'en joke of an economy. Maybe we can monetize bullshit and use that for currency.
RKP5637 (1000+ posts) Wed Aug-17-11 03:42 PM
Response to Original message
3. IMO when an economy depends on buying and selling houses to each other, it's
in deep doo-doo. At one time we had real jobs and houses were for shelter and a home, not an instrument of monetary value for buying and selling.
KansDem (1000+ posts) Wed Aug-17-11 03:43 PM
Response to Original message
4. Which "turnaround?"
The "housing turnaround" when "the housing market picks up and home prices and sales start rising?"
Or the "housing turnaround" when hundreds or thousands of foreclosed properties will be sold in bulk to investors that agree to rent them out?
Fearless (1000+ posts) Wed Aug-17-11 03:58 PM
Response to Original message
6. Could he come across any weaker, I don't think Republicans have their fill at the table yet.
RKP5637 (1000+ posts) Wed Aug-17-11 04:05 PM
Response to Reply #6
8. He really needs better advisers or something. He just does not get it, he just
does not get what many Americans are going through, he just does not get it IMO.
Fearless (1000+ posts) Wed Aug-17-11 04:08 PM
Response to Reply #8
9. And what's with him touring the midwest touting free trade exactly?
Is he trying to lose?
RKP5637 (1000+ posts) Wed Aug-17-11 04:18 PM
Response to Reply #9
10. That's what I've been thinking since it was first mentioned, it's been one WTF to me. Everyone
knows what the problems are in this country, more hand waving speeches are not needed. And we all know where free trade has taken us, what NAFTA/CAFTA have done. We were saying here the other night, all very strong old-time democrats, he must really be trying hard to be a one term president.
I hate to sound like an Obama-basher, but after awhile one just has to think/say, WTF. I'm starting to cringe each time he talks now. I know other strong democrats that won't even listen to him anymore, and these are NOT far out left-wing democrats, as the administration would like to think.
IMO we're in deep trouble for 2012. Someone IMO is going to appear out of the republican party, push the loonies aside, look good, and possibly take 2012.
Fearless (1000+ posts) Wed Aug-17-11 04:21 PM
Response to Reply #10
11. Let's hope not!
To me, my thinking was just these are a lot of people who LOST jobs to outsourcing... You can't just go tell people that it was for the "greater good" or whatever. I'm thinking some of the Republican crazy is seeping into Democratic campaign managers!
Good grief!
RKP5637 (1000+ posts) Wed Aug-17-11 04:24 PM
Response to Reply #11
12. It's all getting really weird to me, really weird. n/t
Fearless (1000+ posts) Wed Aug-17-11 04:25 PM
Response to Reply #12
14. Indeed. n/t
jtuck004 (1000+ posts) Wed Aug-17-11 04:00 PM
Response to Original message
7. According to the data at this link it might be a decade, or more.
Edited on Wed Aug-17-11 04:02 PM by jtuck004
Here.
From the link:
"I think the psychology in bubble states keeps prices inflated even longer because people want to believe that somehow the rules of economics do not apply to their own area."
Among other things is a graph in the middle with over 600,000 homes in foreclosure, have paid no payment in 2 years. Banks are too full to even pursue them right now.
5-7 million foreclosures ahead, (and as the job goes, so goes the mortgage).
And the "good" loans on the books are inflated by some unkown percent via accounting rules.
"or more"...yeah.
Never gonna fix anything if they keep talking happy talk instead of acknowledging the problem.
russspeakeasy (1000+ posts) Wed Aug-17-11 04:25 PM
Response to Original message
13. Dear Mr. Prez..Really ? Do you honestly think we are that stupid ?
Loge23 (1000+ posts) Wed Aug-17-11 04:27 PM
Response to Original message
15. 2014, at least
Fromm Hanley-Wood's ProSource lumber-trade magazine:
"Over the past 50 years, we averaged 675,000 new home sales per year. But during the past decade, construction of new homes shot up even faster than the apparent sharp rise in demand. We topped out at 2.4 million more new homes than normally would be needed. Now, with the pace of home sales at about 300,000 per year, HWMI estimates it will take until late 2014 to work through the excess."
Source: Associated Press
ATKINSON, Ill. (AP) -- President Barack Obama said Wednesday that it will likely be another year or more before the housing market picks up and home prices and sales start rising.
But he said Washington, lately the target of public ire, can't make that happen on its own. He said consumers, banks and the private sector will need to help, too.
Obama spoke at a town hall in the western Illinois town of Atkinson on the third and final day of a bus tour of politically important Midwest states. His comments were in response to a question from the owner of a local real estate company, who said she had begun to see a turnaround in late spring. But her phones stopped ringing after last month's "debt ceiling fiasco," when the government came close to defaulting on its financial obligations.
"We have no consumer confidence after what has just happened," she told the president. "I should be out working 14 hours a day and I am not."
Read more: http://finance.yahoo.com/news/Obama-Another-year-or-mor...
COMMENTS:
Earth_First (1000+ posts) Wed Aug-17-11 03:36 PM
1. I like the "or more" caveat...
Just like the troop withdrawl.
county worker (1000+ posts) Wed Aug-17-11 03:39 PM
2. What a freaking joke!
Home prices are at a 5 to 6 year low. Interest rates are at historical low levels.
Yet consumers can't buy because of unemployment, the economy or lack of down payment or credit.
RKP5637 (1000+ posts) Wed Aug-17-11 03:44 PM
Response to Reply #2
5. Similar thoughts here too, now we want prices to go up, so what, so the
banks and speculators can make even more money off of the disadvantaged. What a F'en joke of an economy. Maybe we can monetize bullshit and use that for currency.
RKP5637 (1000+ posts) Wed Aug-17-11 03:42 PM
Response to Original message
3. IMO when an economy depends on buying and selling houses to each other, it's
in deep doo-doo. At one time we had real jobs and houses were for shelter and a home, not an instrument of monetary value for buying and selling.
KansDem (1000+ posts) Wed Aug-17-11 03:43 PM
Response to Original message
4. Which "turnaround?"
The "housing turnaround" when "the housing market picks up and home prices and sales start rising?"
Or the "housing turnaround" when hundreds or thousands of foreclosed properties will be sold in bulk to investors that agree to rent them out?
Fearless (1000+ posts) Wed Aug-17-11 03:58 PM
Response to Original message
6. Could he come across any weaker, I don't think Republicans have their fill at the table yet.
RKP5637 (1000+ posts) Wed Aug-17-11 04:05 PM
Response to Reply #6
8. He really needs better advisers or something. He just does not get it, he just
does not get what many Americans are going through, he just does not get it IMO.
Fearless (1000+ posts) Wed Aug-17-11 04:08 PM
Response to Reply #8
9. And what's with him touring the midwest touting free trade exactly?
Is he trying to lose?
RKP5637 (1000+ posts) Wed Aug-17-11 04:18 PM
Response to Reply #9
10. That's what I've been thinking since it was first mentioned, it's been one WTF to me. Everyone
knows what the problems are in this country, more hand waving speeches are not needed. And we all know where free trade has taken us, what NAFTA/CAFTA have done. We were saying here the other night, all very strong old-time democrats, he must really be trying hard to be a one term president.
I hate to sound like an Obama-basher, but after awhile one just has to think/say, WTF. I'm starting to cringe each time he talks now. I know other strong democrats that won't even listen to him anymore, and these are NOT far out left-wing democrats, as the administration would like to think.
IMO we're in deep trouble for 2012. Someone IMO is going to appear out of the republican party, push the loonies aside, look good, and possibly take 2012.
Fearless (1000+ posts) Wed Aug-17-11 04:21 PM
Response to Reply #10
11. Let's hope not!
To me, my thinking was just these are a lot of people who LOST jobs to outsourcing... You can't just go tell people that it was for the "greater good" or whatever. I'm thinking some of the Republican crazy is seeping into Democratic campaign managers!
Good grief!
RKP5637 (1000+ posts) Wed Aug-17-11 04:24 PM
Response to Reply #11
12. It's all getting really weird to me, really weird. n/t
Fearless (1000+ posts) Wed Aug-17-11 04:25 PM
Response to Reply #12
14. Indeed. n/t
jtuck004 (1000+ posts) Wed Aug-17-11 04:00 PM
Response to Original message
7. According to the data at this link it might be a decade, or more.
Edited on Wed Aug-17-11 04:02 PM by jtuck004
Here.
From the link:
"I think the psychology in bubble states keeps prices inflated even longer because people want to believe that somehow the rules of economics do not apply to their own area."
Among other things is a graph in the middle with over 600,000 homes in foreclosure, have paid no payment in 2 years. Banks are too full to even pursue them right now.
5-7 million foreclosures ahead, (and as the job goes, so goes the mortgage).
And the "good" loans on the books are inflated by some unkown percent via accounting rules.
"or more"...yeah.
Never gonna fix anything if they keep talking happy talk instead of acknowledging the problem.
russspeakeasy (1000+ posts) Wed Aug-17-11 04:25 PM
Response to Original message
13. Dear Mr. Prez..Really ? Do you honestly think we are that stupid ?
Loge23 (1000+ posts) Wed Aug-17-11 04:27 PM
Response to Original message
15. 2014, at least
Fromm Hanley-Wood's ProSource lumber-trade magazine:
"Over the past 50 years, we averaged 675,000 new home sales per year. But during the past decade, construction of new homes shot up even faster than the apparent sharp rise in demand. We topped out at 2.4 million more new homes than normally would be needed. Now, with the pace of home sales at about 300,000 per year, HWMI estimates it will take until late 2014 to work through the excess."