Beginning of the end

[danm]

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/us_nm/economy_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.

 

[brewer12345]

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.

 

[Craig]

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

"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 ...

Mod EDIT: Shortened URL -BMJ

 

[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...

 

[Nords]

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...

 

[HFWR]

5.5% fixed 30... 8)