Open House Picks

Once again I have to remind our intrepid nabobs of negativity to remain objective for once. I know that all you hear from the NYTimes and CNN is that the world is coming to a crashing end, but try to listen objectively to what I am telling you. First, a recession is defined as three or more successive quarters of GDP decline, not my numbers, that’s the definition by economists. As such, there is no recession, this past quarter which was the height of the subprime meltdown did not even post a negative GDP. And, as I stated, most economists are predicting a healthy increase once again in GDP this next quarter. Secondly, unemployment continues at a theoritical low of 4.4-4.5%, meaning that anyone who wants to work can find a job. Don’t believe me? See the Craigslist NY listings for jobs. Third,although it is true that many forclosures are happening, this is a natural occurrence in an overextended market, not the end of the economy. Wall street has already factored in the negatives and took a small percentage hit. The feds lowered the prime lending rate and the ship is still sailing.
Please understand how much of this is simply your own emotional response to the political landscape. As a conservative, I am acutely aware, especially in New York, of how badly the democrats want to see failure of this economy, in a way. Sorry, but what else explains the fact that dems have said we are sinking for years, without the reality to back them up (I refer you once again to the jobs listings in your local paper).
That being said, forclosures will happen, credit will tighten and people will lose their homes as has always occurred in our capitalist economy. But again, the economists I’ve heard speak at length about this matter, say that the total number of at-risk loans in this “meltdown” are a small percentage of our overall economy, which has many other sectors doing well like: manufacturing, technology, health, entertainment, restaurant services, military technology, oil, pharmacology, etc, etc. Do I really need to go on? Don’t belive me? google it.

I love these people who are still predicting a depression 5 years into our continued economic expansion. Yes 5 years of straight GDP growth. 2:25 is typical of the people who sit around year after year and eat up the negative commentary of folks like Paul Krugman at the NYTimes who have a political agenda and not an economically objective bone in their body. The numbers do not lie, and most economists predict that we may actually have just seen the end of a soft landing this past quarter. They predict an increase in GDP this quarter. In case 2:25 missed it, Durable orders jumped by a large percentage this last report, indicating a growing economy. Consumer confidence remains strong and the “sub-prime” market fall out is less than 5% of the overall american economy. Don’t believe me? look it up. Then realize why new housing sales actually went up last quarter. Hey, I’m no Pollyanna, just giving it to you straight. Without the political agenda and cross-referenced with what we are actually seeing happening in NYC real estate. No, I’m not realtor and I do realize that the 20% yearly increases in housing values are probably over.
Stop the dissemination of opinions based solely on “gut-feeling” or tired old “bush=everything negative” mentalities. We are too smart for it. Don’t believe me? Again I say: google it.

We are very likely to be entering a period of recession in the U.S. economy. I would be quite wary of buying in places like Bed Stuy and other areas that will not only be experiencing a large number of foreclosures, but also a possible increase in crime (already happening and joblessness (also already beginning to happen). The newly released data shows that U.S. housing will most likely not start any real increase again for possibly up to 10 years from now. Buying in these outlying areas will be the first to show problems and the last to rebound from them.

It was listed at the same price before, and I believe they got an offer very close to ask probably 1.2m. Obviously depended on a mortgage that didn’t get thru, or the buyer got cold feet (And counts themselves lucky to not have gone to contract).

11:25 — any idea what the accepted offer on the WT house was?