Do Monthly Housing Numbers Matter?

" Having numbers today new home sales down today very disappointing actually -- heading this year this -- headings property group to talk more about it you're based in. And which we have to get in -- we think overall of what's going on with how -- you know -- aiming at noon we get good numbers existing sales not so bad. New home sales that."

" You know I happen to not be huge fan of these macro numbers. I think that there is no housing market per say there are a plethora of housing marker -- markets. Micro markets across the country and so that's why we're being inundated with all of this confusing data. At look at the Fisher."

" So to see numbers come out yesterday where new home sales in August were up 1% when they anticipated point 7% -- And then to see. You know that the home sales numbers go down three point 6% today when they were anticipating two point 6%. Is incredibly confusing."

" To the buying and selling public out there -- not talk about. The all the hundreds of different markets though that did the lenders treated as if it's hundreds of different markets because there's still alternately beholding to a federal government number one. And the material that that that. General economic environment is typically one of on the macro level than on the micro level would you agree with that from the lenders perspective a -- Wells Fargo and Bank of America."

" Yeah I think that that you know having my expertise being in Manhattan."

" I would tell you that. The lenders looking at at and all of the areas exactly the same is a negative. But it is in fact the case yeah they are look they do look at these markets pretty pretty similarly."

" We did see though you know yesterday existing home sales. Improved except Las Vegas Cleveland and Charlotte mean these areas of the country are still really hurting I don't think Miami's doing a whole heck of a lot better. Although we did see an increase in San Francisco -- for California's still hurting so what does that say for the overall trend then well."

" Look I think that this didn't areas that you sit with the exception of Cleveland probably but Las Vegas Miami. Other areas like that where there was such as development boom. I mean an insane amount of development in a very short period of time there were not and there was not a a population to absorb that product -- sell now that the market has turned the other way. You know prices have to come down I mean in Vegas sin and parts of Arizona prices are down 50% or more. If you go on to YouTube on any given day in and Google housing auction. You'll see frightening. Frightening auctions."

" Where the the auctioneers standing there trying to get people to bid on places that are down 7580%. Detroit was -- just this week Detroit they had an option and they aren't like 10000 dollar homes they couldn't sell yes -- Perfectly good houses so they just there's that much. The only we got the new home sales today. And you save you some -- that doesn't necessarily body that much we have so much inventory on a national basis. Don't we have to work through all of that before we can expect any new homes to really start moving. In should we -- neck and socialization a new home builders are really going to struggle for awhile what I think that what we're seeing right I mean there's been a bump in new home building in the last six months but I think what we're seeing right now. Now is the results of government meddling and I think I -- how to get smacked around a little bit in this city for -- that but I will tell you -- that."

" He the 8000 dollar tax credit all of that stuff is propping up a mark yeah that needs to be left alone. Now like we need to see what's going to happen with the market. And until all of that stuff goes away we're not going to lenders aren't lending -- I'm speaking specifically about New York City yeah. But more than 50% of the transactions in my company. Our cash transactions. People who are paying you know an average price of a Manhattan apartments one point four million dollar they Americans. Some of them are Americans some of them are anti investors who are buying -- hairs here in the city a place -- Visit in the city but many of them are from China Europe. And an -- not your average home buyers in the know I'd stay up. A little in China they think America's for sale right ridicule and a good reason -- exactly exactly do you what do you see going forward for this area because. We've said before that this area hasn't really hit rock bottom that everyone's expecting to see. Yet what I think what we're seeing right now is a bit of a -- dead cat bounce. Com there has been an unbelievable amount of activity. Through the summer our summer market here in Manhattan was. What are traditional spring market would be like it was very busy much more active but when I say very busy that's relative. You know when people say that the big question that they ask a real estate agent is how's the market. Well that's a relative question based on the first six months of 2009. The market is on fire in Manhattan. Based on the previous ten years it's horrible and so it really depends on who you're asking what neighborhood their expertise is aware that guy from here down. I think we're going to see another five to 10% decline in prices before. We see some stabilization. And then I think what you're going to see it's funny when I hear myself say this out of with whom I've seen and say what what's going on but. I think you'll see stabilization for protracted period of time. I don't believe that there's so much pent up demand that you're going to see an immediate spike in prices and."

" They're concerned about reworking some of these mortgages and you know a lot of talk about that next year a lot of these arms come -- And now on the sudden those rates are going to jump up because people's credit scores are down a little bit more in the rate environment just isn't as friendly as it was for five years ago how big of a concern is that you know I think it's a concern I --"

" For for my psychological well being I try not to go there but. But. I think it is a concern I happen to believe that based on their current administration's track record."

" There will be some involvement to make sure that it's not as big of an issue as it could be."

" But giving it quickly because we have to -- do you think it should be should this credit be extended. No absolutely not mislead analytic and absolutely absolutely not -- and -- that -- founder -- the headings property group I am. This anti all this these giveaways especially when you just give Italy a few people need you to everybody crips. I know I don't know that's just me when you're only as strong as your weakest link right that's the."