New Home Sales Drop a WHOPPING 33% in May - A New Record!

[propertymanager]

This is just a flash headline article - I'm sure there will be some serious articles on the subject later.

http://www.marketwatch.com/story/housing-etfs-turn-lower-on-weak-sales-data-2010-06-23

[Sean_L]

I feel bad for all the people that bought a new home thinking that the market was getting better while, it was only artificially propped up.

We may see the residual effects of this with even more mortgages underwater. This is what happens when the government gets in between the consumer and the market. I like to call it Obamanomics...

[allagash]

Obamanomics...

It has the same attributes as cancer....it devours the organism.

Your Doctor tells you.....each as much as you want....especially high calorie content foods like the Whopper:



The odds are that it's a loosing battle.

Enough with the government cheese....

They're trying though...banging the table at G20 for more of it....Germans know better....they've carted their currency via wheelbarrow.

-Mike

[kdhastedt]

If you have one, I wouldn't get rid of your wheelbarrow...we're headed that way.

[Sean_L]

More Obamanomics...

http://finance.yahoo.com/news/Calif-Fla-other-states-to-get-apf-4192203296.html?x=0

[tatertot]

"New" home sales plummeted. Yeah, no kidding. No new home starts means there are not many new homes to sell.

This was on the news last night, and then they happened to mention that "existing" home sales were up 19%.

19% more than freakin' nothin' isn't great, but it is not a 33% drop in the total housing market.

[Hoosier4life2005]

When I was younger (remebering the years 200-2004ish) I remember seeing dozens of new houses being built all the time.  No over exaturation.  DOZENS, in this SMALL TOWN.  You could count on there being 70-80 new houses being built a year during that time.


I havent seen a new house built in about 3-4 years since then....

[John_in_NC]

Guys, not to steal words from rookie, but I"m a capitalist first. Before politics. Your making a big mistake if you write off this real estate sale. I'm up almost 300K for the year, flipping commercial properties. And I have a deal in the works that will double that number.


Don't get so caught up in this that you don't make money, it's people like us that will fix the real estate problem, not government.

[robdedgar]

Guys, not to steal words from rookie, but I"m a capitalist first. Before politics. Your making a big mistake if you write off this real estate sale. I'm up almost 300K for the year, flipping commercial properties. And I have a deal in the works that will double that number.


Don't get so caught up in this that you don't make money, it's people like us that will fix the real estate problem, not government.

Yes Sir!  I like to think I am helping to empower the economy at this point.

[dmharp]

John in nc,

I curently flip residential homes , small time 2-3 a year with hopes of working up to flipping commercial and higher end residential.

Can I ask how you got to your current position in RE investing?

And can you offer some advice , what things should I work on learning to take my investing to the next level?

Thanks - Dennis

[allagash]

Guys, not to steal words from rookie, but I"m a capitalist first. Before politics. Your making a big mistake if you write off this real estate sale. I'm up almost 300K for the year, flipping commercial properties. And I have a deal in the works that will double that number.


Don't get so caught up in this that you don't make money, it's people like us that will fix the real estate problem, not government.

sounds like fdjake....finally got through to flyboy....

j/k with you John.  Great work!

-Mike
ripping up more underlayment today....pain in the a$$ job.....but somebody's gotta do it.

[fdjake]

John....

I think you should post some of the pictures you've been sending me on that commercial property you scored.  Before and afters...
You did a great job on that project!  You kept your costs to a minimum, did just enough to TRANSFORM that property, and......

YOU LISTENED!!!!!!!

Nice job....I can't wait to see what you grab next...

As I've said here NUMEROUS TIMES.......If you're sitting on the sidelines during THIS SALE......You're losing TIME & MONEY that you will NEVER be able to make up.

Ask JOHN how long it would take him to put the kind of CASH in the bank this one project netted him.....The answer is DECADES.......

D E C A D E S for almost any American.....YEARS of back breaking work and sacrifice..... To do what John did in 3 MONTHS!!!!
 

This happened to a guy who at one time drove me CRAZY telling me there weren't deals like this out there.

But JOHN is one smart dude......He found a property, did his research, asked for some advice from someone that has done this numerous times.....THEN....He did what 90% of people NEVER DO....

HE LISTENED and did EXACTLY what he was told to do....Even down to color suggestions for that building!

Great job man.

By the way......You owe ME and MY SON and plane ride someday!!!

[allagash]

By the way......You owe ME and MY SON and plane ride someday!!!

now there's a deal.....

getting to meet the master flipper in person....at 30,000 feet!

-Mike
it was old and flexed from the strain of waves....but I still miss the Reserve....especially walking the storm tunnels late at night...listening to audio books:
http://dlund.20m.com/images_newest/Res080107a.jpg

[allagash]

Ask JOHN how long it would take him to put the kind of CASH in the bank this one project netted him.....The answer is DECADES.......

D E C A D E S for almost any American.....YEARS of back breaking work and sacrifice..... To do what John did in 3 MONTHS!!!!

Great point fdjake!

This really IS the key....compressing money making to the shortest possible timeframe.

-Mike

[John_in_NC]

Sure I'll post a before and after.

Before (Old pic but looked the same) Bought 190K

http://img526.imageshack.us/img526/8813/garagem.jpg


After. Sold for 400K

http://img708.imageshack.us/img708/589/dscf0428q.jpg


FDJake, I'll be more than happy to give you a plane ride, it's the least I could do. Problem is, they wont let you in the cockpit anymore. And we all know how fun riding in back is! And you wouldn't want to ride with me in a small plane, havent flown one of those for at least 10 years, so I would be a mess.