"I Saw the Bubble Bursting"
"This past Saturday, I attended a barbecue at my friends' house in Maryland. I was surprised to notice as I pulled up out front that the house next door looked vacant and forlorn. Instead of a for-sale sign, there were pages glued to the front window.
As it turned out, forlorn might have actually translated into "foreclosed," since my friends' neighbors had apparently moved out in the middle of the night. (I can't help wondering whether the site was shown on the new "foreclosure" section Yahoo! (Nasdaq: YHOO) has added to its real estate hub.)"
Full article...
posted by Little_Silvered at 7:53 PM
19 Comments:
NAR to put out used home sales report today. Watch The Corrupt David Lereah spin his ass off
http://housingpanic.blogspot.com/2007/04/nar-to-put-out-used-home-sales-report.html
Don’t be snowed when The Corrupt David Lereah spins the horrific drop in home sales by comparing March to February, when any idiot knows the real and only comparison is March 2007 vs. March 2006.
Watch the clueless and complicit MSM go with the March vs. February number. Also watch the MSM not question the median price number, which doesn’t include incentives and cash back.
And watch the MSM take TCDL’s “it was the weather” excuse and tell the frightened masses that “it appears we’re bottoming”, even though unsold and unwanted inventory will be soaring to close to a year’s supply in many markets.
Regardless of the lies, deception and spin, the numbers tomorrow are going to be truly horrific. Even the NAR won’t be able to hide the truth (spin as they may).
Existing home sales tumble in March: biggest one-month decline since 1989
http://www.msnbc.msn.com/id/18289082/
Existing home sales tumble in March
Trade group: Biggest monthly slide in nearly two decades
Updated: 2 minutes ago
WASHINGTON - Sales of existing homes plunged in March by the largest amount in nearly two decades, reflecting bad weather and increasing problems in the subprime mortgage market, a real estate trade group reported Tuesday.
The National Association of Realtors reported that sales of existing homes fell by 8.4 percent in March, compared to February. It was the biggest one-month decline since a 12.6 percent drop in January 1989, another period of recession conditions in housing. The drop left sales in March at a seasonally adjusted annual rate of 6.12 million units, the slowest pace since June 2003.
The steep sales decline was accompanied by an eighth straight fall in median home prices, the longest such period of falling prices on record. The median price fell to $217,000, a drop of 0.3 percent from the price a year ago.
Here's the real headline, care of HP:
http://housingpanic.blogspot.com/2007/04/flash-existing-home-sales-crash-13-vs.html
USED HOME SALES CRASH 13% VERSUS PRIOR YEAR, MEDIAN PRICE NOW DOWN AT LEAST $13,200 OR 6% FROM PEAK ACCORDING TO FLAWED NAR STUDY. UNWANTED HOME INVENTORY UP AT LEAST 17% VERSUS PRIOR YEAR TO 7.3 MONTH SUPPLY. NAR MOUTHPIECE DAVID LEREAH HILARIOUSLY BLAMES HOUSING CRASH ON WEATHER.
U.S. home prices fall for first time in 15 years
"WASHINGTON (MarketWatch) -- U.S. home prices fell 1.4% in the first quarter compared with a year earlier, the first year-over-year decline since 1991, according to the S&P/Case-Shiller home price index released Tuesday. A year ago, home prices were rising at an 11.5% pace. The 10-city price index fell 1.9% year-on-year through March, while the 20-city index dropped 1.4%. Thirteen of 20 cities have seen falling prices in the past year, led by Detroit and San Diego. Home prices rose 10% in Seattle. The national decline "is reaffirmation of the pullback in the U.S. residential real estate market," said Robert Shiller, chief economist for MacroMarkets LLC, and co-inventor of the index"
beach house rental nj
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There isn’t one day that passes that you don’t see bad financial news in the newspaper or on the television or radio. Well that’s all going to change now, especially if you live in the New Jersey Shore towns of Avon, Belmar, Spring Lake, Sea Girt, Manasquan, Point Pleasant, Bay Head, Mantoloking, Normandy Beach, Chadwick, Lavalette, Ortley Beach, or Seaside Park. According to Paul R Hauke, a Realtor Associate with Prudential Zack Shore Properties with 11 offices along the Jersey Shore, a specialist in Ocean Front, Waterfront and Resort Properties along the New Jersey Shore prices are holding steady and in many areas increasing. The reason is that people are buying along the Jersey Shore and the demand is strong. For instance many buyers who have large amounts of cash sitting in bank accounts that are earning very, very low interest have been buying Jersey Shore Resort Homes for cash. They are figuring on getting the rental money and the appreciation on the property. They figure the return will absolutely beat whatever they are earning in the bank and they also have the use of the property when not rented. Smart buyers.
On the other hand are the sellers. Sellers in such great Jersey Shore towns are reaping the benefits. There prices have been holding and they are reaping the gains. There are properties from the mid $200,000.00 range up to multi millions. Along the price range there are new and converted condos and new and completely renovated houses and of course one of a kind mansions and estates.
On the waterfront at the Jersey Shore prices are still climbing. Paul R Hauke, a Realtor Associate with Pruzack, studies and tracks the real estate values along the Jersey Shore and has found that Waterfront properties prices have been escalating. Properties with docks for boats and easy access to the Bays and Ocean are still high on demand. Small homes in such areas as Ocean Beach , with docks , can still be had for $300,000.00 to $400,000.00 with a moderately priced waterfront home with deep water docks and easy fishing access still bringing $1,000,000.00 plus. In towns like Point Pleasant Boro. Ocean front homes, both on the beach and across the street from the beaches, in such towns as Spring Lake, Sea Girt, Bay Head, and Mantoloking bring three, four and five million.
Many Jersey Shore Real Estate buyers are looking for second homes now that they can make year round homes later. Such houses between $900,000.00 and $2,000,000.00 have seen a 25 % increase in pricing. Some Jersey Shore Realtors have reported their sales up as much as 26% over last year.
Whatever your desire the Jersey Shore offers great Real Estate and great family memories and great pricing. There never has been a better time to buy and invest in real estate at the Jersey Shore.
T o view properties for sale at the Jersey Shore from Atlantic Highlands to Long Beach Island go to www.asburyparklife.com/jerseyshorerealestate.html , the # 1 source for activities, events, and real estate along the Jersey Shore.
There isn’t one day that passes that you don’t see bad financial news in the newspaper or on the television or radio. Well that’s all going to change now, especially if you live in the New Jersey Shore towns of Avon, Belmar, Spring Lake, Sea Girt, Manasquan, Point Pleasant, Bay Head, Mantoloking, Normandy Beach, Chadwick, Lavalette, Ortley Beach, or Seaside Park. According to Paul R Hauke, a Realtor Associate with Prudential Zack Shore Properties with 11 offices along the Jersey Shore, a specialist in Ocean Front, Waterfront and Resort Properties along the New Jersey Shore prices are holding steady and in many areas increasing. The reason is that people are buying along the Jersey Shore and the demand is strong. For instance many buyers who have large amounts of cash sitting in bank accounts that are earning very, very low interest have been buying Jersey Shore Resort Homes for cash. They are figuring on getting the rental money and the appreciation on the property. They figure the return will absolutely beat whatever they are earning in the bank and they also have the use of the property when not rented. Smart buyers.
On the other hand are the sellers. Sellers in such great Jersey Shore towns are reaping the benefits. There prices have been holding and they are reaping the gains. There are properties from the mid $200,000.00 range up to multi millions. Along the price range there are new and converted condos and new and completely renovated houses and of course one of a kind mansions and estates.
On the waterfront at the Jersey Shore prices are still climbing. Paul R Hauke, a Realtor Associate with Pruzack, studies and tracks the real estate values along the Jersey Shore and has found that Waterfront properties prices have been escalating. Properties with docks for boats and easy access to the Bays and Ocean are still high on demand. Small homes in such areas as Ocean Beach , with docks , can still be had for $300,000.00 to $400,000.00 with a moderately priced waterfront home with deep water docks and easy fishing access still bringing $1,000,000.00 plus. In towns like Point Pleasant Boro. Ocean front homes, both on the beach and across the street from the beaches, in such towns as Spring Lake, Sea Girt, Bay Head, and Mantoloking bring three, four and five million.
Many Jersey Shore Real Estate buyers are looking for second homes now that they can make year round homes later. Such houses between $900,000.00 and $2,000,000.00 have seen a 25 % increase in pricing. Some Jersey Shore Realtors have reported their sales up as much as 26% over last year.
Whatever your desire the Jersey Shore offers great Real Estate and great family memories and great pricing. There never has been a better time to buy and invest in real estate at the Jersey Shore.
T o view properties for sale at the Jersey Shore from Atlantic Highlands to Long Beach Island go to www.asburyparklife.com/jerseyshorerealestate.html , the # 1 source for activities, events, and real estate along the Jersey Shore.
The bubble broke because it was contrived and not the real world. The only real world is the affect upon the children and families that got involved in this lunacy. Let's hope that the money coming in can stop the boat from sinking.
Nice post on Bubble Busting.
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Foreclosure homes are available for purchase individually or in bulk at deep discounts, with an average discount of 60 to 80% off the market price. There is a splendid website that deals with foreclosure homes that are really profitable.
Great post, very interesting concept. You make a good point that all the factors need to come into play. Selecting a good property agent is most important for property management who helps you throughout the buying process and beyond to completion.
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