UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Existing Homes Sales UP.. Govt. to Buy $1 trillion in Bad Assets..

Posted by UtahCribs, Real Estate, Homes on March 23, 2009

Stock market jumps on the postive report of increased existing home sales.

Wall Street is reacting to the positive news from the Housing Market. Early Monday trading continued the rally from last week. This is good news for all of us here in UTAH.. I have been saying for sometime now, we will see some positive news. Lets hope it continues.

The reaction in large is due to the governments plan to remove as much as $1 trillion in bad assets from the banks. They are gearing this to investors. Many of you have been asking us how this will be done. Largely from large tapes, and pools of assets investors will be buying at steep discounts. We have been facilitating these sales with the FDIC.. If you want additional info let us know.

We have many opportunities for investors right now. Some of these bad asset purchases we are picking up for pennies on the dollar..

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3 Responses to “Existing Homes Sales UP.. Govt. to Buy $1 trillion in Bad Assets..”

  1. For once can I say ……I TOLD YOU SO! Please let me take solace in the statistics I track. 4 weeks ago I stood up in our local sales meeting at Prudential Salt lake and told the 60 listening Realtors that sales were going to increase in the next 4 to 6 weeks! Some doubted me.

    BUT IT Wasn’t SOME HUNCH! It was a fact…..i was watching the number of homes going under contract and what did I see? A 62% INCREASE in the number of homes going under contract in Salt lake every 5 days.

    I forecast it—it happened.

    Many of you still question “the market”. Many of you still listen to ADVICE and not FACTS. If you want STATS….if you want FACTS, listen to Brad Miles, Spencer Janke and ME (Jake Breen).

    Sure, prices will stay down, sales are LOW compared to last year and REPO’s will increase. However, this does NOT mean you’ll get a better DEAL! The deals ARE and WERE to be had when the market is MOST depressed…..and I hate to tell you; that time has passed!

    By the way…..my next prediction, March sales are already up another 27% from FEB— Watch for continued good SALE news from the media over the next 3 months.

    JAKE BREEN MBA
    Associate Broker–Prudential UTAH RE

  2. I agree. Time to buy!

  3. A believer in the Invisible Hand said

    Ah ha! As I’ve stated before on this blog, the free market still works — when prices are down, sales increase. Now I predict that inventory will drop rapidly and withing three months prices will start rising again in Utah.

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