DRTOA – American homeowners strapped with debt continue to think the homes they rent from the banksters are worth more than they are. I have a neighbors who are trying to sell a ranch home worth at most $300,000 for $680,000 !! They think they are going to retire with the winnings. Yet the home has been on the market for over 1.5 years with not a singe offer! Even if an offer came in at asking price, a bank would NEVER loan on the inflated fake sale price. Now they have both lost their jobs and are using savings to support the bank mortgage. Foreclosure is but a few years away for them. They will have depleted their saving like a crack addict. They refuse to listen to logic or reason.
from Wolf Street:
The Commerce Department reported another miracle on Friday. Or rather a mirage. In September, new home sales edged up 0.2% from August to a seasonally adjusted annual rate of 467,000 units. This isn’t a huge number, compared to the crazy days of Housing Bubble 1, but it was a 6-year high! And the media went gaga over it.
So, new home sales in August were initially reported to have been 504,000. Also a 6-year high or something. But these numbers have elephantine margins of error. Big revisions are common. And on Friday, the Commerce Department chopped that number down to 466,000 – which September beat by a barely visible 1,000 units.