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Thread: The economy softens?

  1. #1
    Cyburbian boiker's avatar
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    The economy softens?

    Any midwestern planners notice any changes in the housing starts in your area?
    http://story.news.yahoo.com/news?tmp..._ec_fi/economy

    The articles states that personal incomes are down the most in a decade, inflation is up slightly, new home sales are down, and in the midwest new home sales were down 40%!

    This is only 1 month of data, but could it be the begining of a softening of the economy? These are the things that will effect the middle class consumer much more than the performance of the stock market.
    Dude, I'm cheesing so hard right now.

  2. #2
    Cyburbian
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    The american economy is caving in... that's what happens when you out source too much...

    Welcome to the third world (just joking!)

  3. #3
    Corn Burning Fool giff57's avatar
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    I have heard that the housing market is softening here in Iowa.
    “As soon as public service ceases to be the chief business of the citizens, and they would rather serve with their money than with their persons, the State is not far from its fall”
    Jean-Jacques Rousseau

  4. #4
    Cyburbian Emeritus Chet's avatar
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    It's still going great guns in SE Wisconsin. There are very few subdivisions going in that aren't pre-sold before the plat is recorded. And the prices are rediculous.

  5. #5
    Cyburbian The One's avatar
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    could be.....

    I've seen several articles in the Wall Street Journal and other papers about new housing market saturation (overbuilt areas) in several key parts of the country.....Look to this as another indication of potential problems
    Skilled Adoxographer

  6. #6
    Cyburbian Emeritus Bear Up North's avatar
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    Friend of mine works at a large mortgage house here in the Toledo area. She says her biz continues to be strong. She is doing a lot of re-financing, though. Not all new construction......not all step-ups.

    Seems to me that at some point, those with equity will have stepped-up or did a re-fi and the transactions will slow, which will drive the new construction market down. Lot of people in the last few years have taken advantage of those very low interest rates.

    Even in an almost dead market like Toledo, there are probably about twenty (20) new housing developments.

    Bear
    Occupy Cyburbia!

  7. #7
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    Not slowing here. Our Growth Management Ordinance is in effect for the second year in a row (first time that's ever happened), and I already have more permit requests that I have permits available.
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  8. #8
    Cyburbian Emeritus Chet's avatar
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    Quote Originally posted by Bear Up North
    Friend of mine works at a large mortgage house here in the Toledo area. She says her biz continues to be strong. She is doing a lot of re-financing, though. Not all new construction......not all step-ups.
    Bear
    Funny, my SO is an underwriter for a national mortgage company. Re-fi's have slowed to a trickle, but step ups and first timers are strong all over the board. Especially FHA deals right now. Seems that many brokers and lenders are no longer getting the easy deals so they are focusing on the troubled buyer.

  9. #9
    Cyburbian ludes98's avatar
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    Maricopa County has had ridiculous numbers of new permits. I think the market is over valued though so there will be correction at some point.

  10. #10
    Cyburbian Plus Whose Yur Planner's avatar
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    Our numbers were down last year from the previous year. However, they are still significantly higher than the prior years. Further, our numbers do not reflect the smaller incorporated areas that have been appoving developments. We are in the metro Indy area and are being discovered by the developers.

  11. #11
    Cyburbian GISgal's avatar
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    Housing market is softening in NE Wisconsin. The community I work in has seen record building permit numbers the last few years, but we are in the minority. We were the only ones with an increase in residential building permits. This year we are starting to see a return to multi-family and townhouses.
    “I am not discouraged, because every wrong attempt discarded is another step forward.” - Thomas Edison

  12. #12

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    Quote Originally posted by SkeLeton
    The american economy is caving in... that's what happens when you out source too much...

    Welcome to the third world (just joking!)
    Yep. And all those Chinese and Indian companies have plenty of people to buy everything they now manufacture. Workers earning 25 cents per day can buy lots of consumer goods!

    When we go....so does everyone else.

  13. #13
    Cyburbian
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    Quote Originally posted by BKM
    When we go....so does everyone else.
    Oh don't worry.. I know... but it'll eventually happen, remember 1929? Your CEOs were jumping out of their skyscraper offices and we (chileans) were starving to death...

  14. #14
         
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    I don't think our builders can build them fast enough around here. New residential developemtn hasn't slowed one bit here and most are pre-sold before the development has gotten final approval.

  15. #15
          Downtown's avatar
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    Quote Originally posted by Chet
    It's still going great guns in SE Wisconsin. There are very few subdivisions going in that aren't pre-sold before the plat is recorded. And the prices are rediculous.
    In the Capital District as well. However, our Planning Board agenda has been eerily quiet the last few months, with no sign of picking up soon - our mitigation funds are going to be hurting down the line from this lack of activity.

  16. #16
    Cyburbian Jen's avatar
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    I think the market studies have been overly optimistic as far as demand for new homes and retail space too, there are sluggish sales all over here, though some of our inner ring suburbs are seeing a gain in value these areas are near greenways and rec areas and of course close to everything.Schools of choice helps,

    I think foreclosures and bankruptcy's are up. Manufacturing is leaving but govt hosp and university employ tons of people. SOme strong manufacturing remains with help from state...

    I would like to buy real estate now, soome properties have been plummeting in asking price.

    Again and again it happens way out here the old farmer kicks off , the heirs divvie it up and split it up and then it sits, with one or two vacant houses dying in a plat with 20 other vacant lots.

  17. #17
    Cyburbia Administrator Dan's avatar
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    When I sold my house in Denver, there was a bidding war. It was sold in about four days.

    When I sold my house in Orlando, it was sold the day after it went on the market.

    The house across the street from me is for sale; a nice two and a half story Craftsman-inspired jome built in the 1920s. The sign has been on the lawn for at least two months.

    The real estate market in Cleveland is very, very strange. There are no new entry level houses; all new construction is $200K and up, even if it's an infill subdivision in a gritty blue-collar suburb. In Cleveland Heights, a 1910s/1920s era 1,600 square foot house may cost $130K, while a new build townhouse with the same floor area across the street would sell for $300K. That same old house in the West Side "gay suburb" of Lakewood would sell for ... $110,000.

    At work, there are still subdivisions rolling in, mostly for move-up and high-end housing.
    Growth for growth's sake is the ideology of the cancer cell. -- Edward Abbey

  18. #18
    Cyburbian Emeritus Chet's avatar
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    Quote Originally posted by Dan
    When I sold my house in Denver, there was a bidding war. It was sold in about four days.

    When I sold my house in Orlando, it was sold the day after it went on the market.

    The house across the street from me is for sale; a nice two and a half story Craftsman-inspired jome built in the 1920s. The sign has been on the lawn for at least two months.

    The real estate market in Cleveland is very, very strange. There are no new entry level houses; all new construction is $200K and up, even if it's an infill subdivision in a gritty blue-collar suburb. In Cleveland Heights, a 1910s/1920s era 1,600 square foot house may cost $130K, while a new build townhouse with the same floor area across the street would sell for $300K. That same old house in the West Side "gay suburb" of Lakewood would sell for ... $110,000.

    At work, there are still subdivisions rolling in, mostly for move-up and high-end housing.
    WOW that seems very affordable. Around here the entry levell new constuction home is close to $270k. There are still some great neighborhoods in the city that are affordable, with homes in the $90k-$135k range. My last house was an almost 3000 square foot colonial in great condition, and I got it for $108k. Its value went up almost 15% a year while I had it.

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