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Friday night...need good news: housing on upswing...Bloomberg Radio Options · View
CHARLES RUBY
Posted: Friday, November 16, 2012 6:21:37 PM
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Numerous interviews over the last several weeks:
Housing in USA ...generally...bottomed out

Today 11/16

Large investors on Wallstreet forecasting possibly a million NEW housing starts in 2013

I myself here in Atlanta saw just today several subdivisions that have been on hold
Construction workers building new homes

It felt REALLY good ...hope ...you just can't beat it!

Bubba
Shalom
DOMINICK MALVESTUTO
Posted: Tuesday, November 20, 2012 3:16:43 PM
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Building a little bit here too. In the residential market its because their are a lot of homes caught up in the foreclosure/short-sale process and inventory is low. One of my richest customers can't get the loan he wants for a custom home! On the other hand a friend of mine is getting a 150k knocked off this principle.

Maybe I should listen to the people you listen to because the ones I'm listening to are saying we are %^*&ed in 2013-2014.

I'm hoping for the best but preparing for he worst.
Thomas Kalcas
Posted: Tuesday, November 20, 2012 8:25:44 PM
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Dominic,

I hate to knock off the rose colored glasses, but there is simply no reason to expect any substantial new construction any time soon. The simple reason is lack of lending ...
especially for commercial size, residential buildings.
Even the rehab or construction loans are very , very difficult to get. Recently I approached few banks to refi a loan on a few buildings we own at bellow 50% LTV ( loan to value ) and got rejected. Take my word for it, if we can not get it, than 99% of people out there can't even dream about it, and in today's market most property owners don't have that kind of equity in their buildings.
Here in North East , the majority people that do get loans for a single family residences are hooked one way or another to many gov. programs out there.
If you also consider the size of existing inventory, plus many , many houses still going through foreclosure, it will be a long time before new house construction and housing market moves. I hope I'm wrong ....
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