Will gas price really go up?
mInvestor
2/23/2012 11:26:49 PM
@John,
A nice article. I completely agree there are still many problems in housing market, we may not see it recovering soon.
However, I don't understand why the gas price will shoot up. As in you article, the gas price is usually driven by US gas consumption European economy, situation in Middle East and the pace of the Chinese economy.
We know the US consumption is at lowest point, and will probably keep in that postion for a while. The European debt problems won't boost its economy in the neat term. And there is indication the growth in China is slowing. The only problem now is in Middle east. But nobody can predict if the war will really happen. So I am not sure if the high flying price is just a speculation.
Unless people beleive the economy will recover very soon, I'd think there is a bubble in this high flying gas price.
What do you guys think?
Yes. It's been an ongoing problem for a while now.
According to the Realtors Confidence Index survey in August a significant number of respondents continued to report problems associated with appraisals, resulting in cancelled, delayed, or negotiated to a lower price problems. Comments from REALTORS® indicated frustration in some cases with the use of appraisers who have limited experience in specific geographic areas.
In November, Realtors took aim at appraisals again. Here's the press release: Accurate home appraisal valuations are vital in today's market; inaccurate appraisals can slow down or even cancel a home sale. Today Realtors and other real estate experts gathered at the "Appraisals: What You Absolutely Need to Know" forum during the Realtors® Conference & Expo to address this pressing issue.
"In today's market, home appraisals that fail to provide accurate valuation are causing many sales to be cancelled or postponed," said National Association of Realtors® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.
So what it seems like @Noreen is that the banks are stopping any budding rally in its tracks by not only keeping their own inventories of foreclosed properties high but depressing market prices. Yikes!
I understand those differences @Street Smart...but what's happening now is that lenders are afraid of making mortgages higher than property values, and they're basically killing sales because they insist that house someone wanted to buy for $400,000 is only worth $375,000. Sure--the buyer can still complete the deal, but not if he was expecting 80% or 90% financing.
@PredictableChaos, I wonder how many sparks flew when he did sell -- and saw the results of the appraisal done by the person the buyer's lender sent.
Speaking of ridiculous appraisals - we found a house on a beautiful lot in a great neighborhood. Actually put a bid in on it, but we thought it was worth significantly less than the seller did, so didn't end up buying it. Word back was that the seller was "insulted" by our offer.
Funny part is - the seller was a professional appraiser. He had "run the numbers" on this house and been so impressed that he actually bought it. What he overlooked, and what we could see, was major structural damage. He ended up holding it much longer than he had planned and selling for close to our offer.
He trusted his own appraisal....
I've never gotten three different appraisals for a re-financing, but I've had different appraisals for different purposes and they are as different as night and day.
For re-financing purposes they're all about counting things--square footage, bedrooms, baths, etc. Everything that is indeterminate becomes a "bonus room."
For lowering our property taxes, they're REALLY about counting things, but in the opposite way--seeking to subtract wherever possible. (You call THAT a bathroom; I wouldn't let my mother-in-law use it!)
For insurance purposes, infrastructure becomes king. I swear the insurance guy spent 10 minutes counting the bulbs in my dining room chandelier!
And, yes, the numbers were indeed ALL over the map...
I agree. Appraisals are supposed to reflect measurable data, and while there may be some subjectivity involved, the process should be generally objective enough that any trained appraiser comes up with the same number.
But why does the bank need three appraisals?
I think the apprasal system is broken. This is like carelessly typing a math problem into your calculator and getting three different answers. What are you supposed to do next - average them?
No, watch what you're typing and get the right answer. You should only have to use the calculator (or do the appraisal) once.
It's surprising there aren't more nat gas commuter trains. But we are seeing some movement:
In the U.S., transit buses now account for about 66% of all NGVs in use. According to the American Public Transit Association, 26% of all new transit bus orders in 2009 were for natural gas and about 1 in every 5 transit buses now run on natural gas.
Waste collection and transfer vehicles, the fastest growing NGV segment, account for about 11% of NGV use. Airport fleets and port-related transportation make up about 9%. The remaining 14% of NGVs are school buses, work equipment (such as forklifts), or are in other government or private fleets.
Canada's 12,000 NGVs include 9,450 light duty cars and trucks, 2,400 forklifts and ice‐rink resurfacers (those Canadians and their ice rinks!), 300 heavy‐duty vehicles, 150 urban transit buses, and 45 school buses.
The blogs and comments posted on Investor Uprising do not reflect the views of Investor Uprising, PRNewswire, or its sponsors. Investor Uprising, PRNewswire, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
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