Comments on: Housing starts go up in February and no one knows why http://blownmortgage.com/2009/03/17/housing-starts-up-in-february-and-no-one-knows-why/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Fielding Mellish http://blownmortgage.com/2009/03/17/housing-starts-up-in-february-and-no-one-knows-why/comment-page-1/#comment-34359 Fielding Mellish Tue, 17 Mar 2009 18:23:33 +0000 http://blownmortgage.com/?p=2747#comment-34359 I heard a lot of these multi-family starts are condos in the NE, where many Realtors (and probably builders) have been under the delusion that the crash in home values would not affect them. (Geithner expects to sell his NY house for 96% of what he paid for it 4-5 years ago.) So they are commencing work on previously-planned projects, blissfully disregarding the likelihood that financing for condos will become increasingly hard to come by. <br><br>A year ago, condos were still being erected en masse in Miami. (Venezuelans rich with $120 oil would buy them, right?) Not only do some people have an inability to foresee the future. Some don't even care to understand the present.<br><br>This is all part of bear marker rally #2 of 6-8 before things bottom out. I heard a lot of these multi-family starts are condos in the NE, where many Realtors (and probably builders) have been under the delusion that the crash in home values would not affect them. (Geithner expects to sell his NY house for 96% of what he paid for it 4-5 years ago.) So they are commencing work on previously-planned projects, blissfully disregarding the likelihood that financing for condos will become increasingly hard to come by.

A year ago, condos were still being erected en masse in Miami. (Venezuelans rich with $120 oil would buy them, right?) Not only do some people have an inability to foresee the future. Some don't even care to understand the present.

This is all part of bear marker rally #2 of 6-8 before things bottom out.

]]> By: Tobby http://blownmortgage.com/2009/03/17/housing-starts-up-in-february-and-no-one-knows-why/comment-page-1/#comment-34351 Tobby Tue, 17 Mar 2009 15:16:14 +0000 http://blownmortgage.com/?p=2747#comment-34351 New housing starts are not broken out by location. Some areas acutally do have a shortage of rental housing. There is no way these builders are going to get financing if the area won't support more rental units. I doubt there are many starts in FL, CA, AZ and NV. New housing starts are not broken out by location. Some areas acutally do have a shortage of rental housing. There is no way these builders are going to get financing if the area won't support more rental units. I doubt there are many starts in FL, CA, AZ and NV.

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