Hovnanian home sale this weekend

http://tinyurl.com/2ua5ye

or piece together:
http://money.cnn.com/2007/09/13/
real_estate/hovnian_discounts.ap/
index.htm?postversion=2007091317

These discounts are pretty impressive. (Not that I'm tempted). Any bets on how many they sell? I'm guessing a nice round 100 units.

My favorite quote from the article: "Skea said the sale would not be repeated, but an industry observer was not so certain."

As much as it is cheesy marketing tactics, do understand builders have to try to survive. If this marketing helps... so be it. I'm tired of trying to warn the sheeple; just good luck finding enough who qualify for the mortgage! ;)


This is just more knife catching.

Read this article (hat tip Sacramento landing):
http://www.usatoday.com/money/economy/housing/2007-09-12-affordability_N.htm

Or http://tinyurl.com/2mzprw


Look at the last table. Of the New Jersey/New York/Long Island home owners 21% are paying over 50% of income towards their housing. That is unsustainable.

Then look at the bay area at 23% and LA at 24%. Look at how much money the central banks are pouring into the banks (per below $383 Billion in August, an unprecedented amount).

http://www.minyanville.com/articles/
banks-chavez-cents-risk-debt-credit/index/a/14089
or
http://tinyurl.com/2rvdsp


Upping Freddie and Fannie's limits just will not do much. Foreign banks/hedge funds/governments are going to want reasonable security in their investments. We could make it bad enough that the GSE's cannot sell bonds... Oh wait... now when was Fannie's last Auction... Hmmmm...


And I'm sure J6P is happy oil is now over $80/bbl. Good grief! How are the airlines (an industry I love to follow) going to survive? Sigh... :(
http://biz.yahoo.com/ap/070913/oil_prices.html?.v=23


Got popcorn?
Neil