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Beginning of the end
Old 01-21-2006, 04:05 PM   #1
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Beginning of the end

Oh how it ends in ignomy, I'm just surprised at how quickly this is unwinding. Spring, earliest, I had thought.

NYC mayor: housing market "dramatically" slowing

http://news.yahoo.com/s/nm/20060120/...newyorkcity_dc

NEW YORK (Reuters) - New York City Mayor Michael Bloomberg on Friday said the real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices.
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Re: Beginning of the end
Old 01-21-2006, 04:32 PM   #2
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Re: Beginning of the end

Eh, keep your pants on. Bloomberg is preparing for a budget showdown with the state legislature and Gov. Pataki (who is posturing for a possible Presidential bid). Hizzoner is just getting his ducks lined up for the coming division of the pie.
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Re: Beginning of the end
Old 01-21-2006, 05:35 PM   #3
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Re: Beginning of the end

We'll see if this link will work: http://www.bankrate.com/brm/graphs/[...]

Thirty year fixed rates are at 5.64%, versus about 5.20% about one year ago ... and a 5 / 1 ARM is now 5.2% versus 4.6% over the same time period. Not enough to get upset about, from my perspective. I remember plenty of times when anything below 10% was a win ... with less appreciation than seen currently.

I agree we have had a bubble, and I too tend to think it will be somewhat painful correcting ... but to say
Quote:
"Rates for mortgages are 200 basis points higher than a year ago, the cost of heating oil -- we all know has gone up -- and taxes have gone up and expenses have gone up," he said.
? I don't know where he's coming up with his interest rate data.

Perhaps it's like that old saying about how do you know when a politician is lying ... his lips are moving ...

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Re: Beginning of the end
Old 01-21-2006, 05:49 PM   #4
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Re: Beginning of the end

Take a look at rates for 6 month and 1 year ARMS. Also check out the fully indexed rate on Option ARMs. Up way far...
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Re: Beginning of the end
Old 01-21-2006, 11:37 PM   #5
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Re: Beginning of the end

Quote:
Originally Posted by brewer12345
Take a look at rates for 6 month and 1 year ARMS.* Also check out the fully indexed rate on Option ARMs.* Up way far...
It's situations like this when I'm glad that I'm not staring down an expiration date on FED options...
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Re: Beginning of the end
Old 01-22-2006, 09:05 AM   #6
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Re: Beginning of the end

5.5% fixed 30... 8)
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