US housing sentiment hits lowest level in 16 years.

There’s an article on MSNBC today about the ongoing US housing market woes:

Housing developers are being squeezed by tighter lending standards for borrowers trying to get mortgage loans. In response to weak demand, developers are cutting prices and offering buyer incentives to cope with a mounting supply of unsold homes, the National Association of Home Builders said Monday.

The trade group’s housing market index, which tracks builders’ perceptions of current market conditions and expectations for home sales over the next six months, fell to 28, the lowest reading since February 1991, the NAHB said.

So much for David Lereahs thought from May 2006 that ‘this may be the bottom’ of the US housing slump. I have a feeling if economic reality hits the Vancouver real estate market you’ll be hearing a lot of that from local ‘experts’, and just like bears that say ‘a correction is coming’ one day they will likely be correct.

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exvancouverite
exvancouverite
13 years ago

Of the two I have to say I prefer Saty to Satv :)At least he's trying to be humorous and nonsensical.Sadly, this is the level of discourse to which we have sunk.Nonsensical, for sure, but humourous? Like a migraine.

satv
satv
13 years ago

House walls made of mud not gold. Value is tin not gold. See mud as mud, tin as tin. Not gold. Do I play harp before a cow? 6/19/07 11:07 PM can you buy that mud for 18.2 million's go for it.last year I have mention "land worth more than gold"my grandfather told me that, and I beleive that.

Drachen
Drachen
13 years ago

Of the two I have to say I prefer Saty to Satv :)At least he's trying to be humorous and nonsensical."Consider please that even preying mantis ready to snatch grasshopper does not see big yellow bird behind him!"But do not forget that in the end blade of grass is lowliest. Grasshopper eat grass and big yellow bird not prosper without grass for to feed. Grass is us! Swan may soar but grass grows tallest where swan poop the most.

saty
saty
13 years ago

rich people buy things to raise the price,and they sell things to crash the market.Also consider that even weasal say “Happy New Yar” to chickens and hide malicious thought. Weasal bad yes of course but what if chicken eat up all grain? Which is bad?Take heed and be not idle. Do not have hands in pockets while thinking to be rich. Is very true that man with hand in pocket feel cocky all day. That was very funny. Must act. No ever ending banquet under sun. Banquet finished. Go home. You are wise and bad cannot happen for you? Consider please that even preying mantis ready to snatch grasshopper does not see big yellow bird behind him! Watch for yellow bird. But also black swan is more dangerous. Yellow bird has ordinary ways and can be vigilant to know what… Read more »

el bbub
el bbub
13 years ago
Drachen
Drachen
13 years ago

what is the "critical support" referred to in the investech graph?

DaMann
DaMann
13 years ago

Hey that picture of the house looks like a good west side bungalo investment. $million bucks. Bargain at twice the price. Could rent it out to a bunch of students and only have to kick in an extra $2k of your own money to break even.

satv
satv
13 years ago

bubble and ghost died in 1921.

markx
markx
13 years ago

Low housing sentiment means less housing gets built, which translates to less demand for lumber. This will hit economies of BC and Quebec especially hard, as they are two provinces that depend on forestry sector.

mold city
mold city
13 years ago

meanwhile US new home construction keeps on dropping as overextended buyers who bought during the boom try to dump houses back onto the market.

tulip-Mania2
tulip-Mania2
13 years ago

"tulip you dare to compare state's of hurricane catrina,charlie,and fear of terrorism's with world's best Vancouver."Those conditions existed during the bubble building stage.What has suddenly changed?Tick Tock, Tick Tock

satv
satv
13 years ago

tulip you dare to compare state's of hurricane catrina,charlie,and fear of terrorism's with world's best Vancouver.bubble+ghost+huricane+fear of terrorism = nothing.people like to live their life, not to lost in fear.i like this argument by jeff that say's rich people does not think like us.i am agreerich people buy things to raise the price,and they sell things to crash the market.up down trend does not really effect them.on last post there was 6 diffrent reports all up and coming.there is one more report i think the pop will deal with that soon.tulip good try

mold city
mold city
13 years ago

Speaking of investech – here's a great overlay they did of the bellweather index with David Lereah quotes.

wizardofozziejurock
wizardofozziejurock
13 years ago

Investech's bubble index has fallen through support levels to hit a new low:http://investech.com/

tulip-Mania2
tulip-Mania2
13 years ago

<a href="http://www.ushomeauction.comhttp://www.ushomeauction.com<br />Check this out, bidding prices to start at less than 50% of recent sale prices.SATV, check out the bargains. Vancouver is months away from this scenario.