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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (12817)10/4/2004 11:57:08 PM
From: Jim McMannis  Read Replies (1) of 116555
 
Russ,

RE:"PHM is asking (second day) their order "backlog" to come in and sign owner occupied addendums, and increase deposits, in exchange for price concessions. The question is how would speculators react to the new reality that prices aren't just going straight up, but actually down?"

Excellent question. Was asking some Realtors that same question tonight.

Are they offering the speculators their deposits back?

I suppose not.

They may offer price concessions but the speculators probably feel rather uneasy and like they may be hanging themselves by coming up with more deposit money.

RE:"Hinted that "hurricanes" were delaying closings in Florida, more color later."

This can be true for various reasons. Property must be reappraised if it's in a disaster area.
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