May 27, 2006

What a housing panic looks like


From the NBC report "Is the Housing Bubble Bursting"

The number of homes for sale is on the rise. ZipRealty reports the following increases compared to one year ago:

166 percent more in Los Angeles County
266 percent more in the Miami area
394 percent more in Phoenix

Bidding wars are being replaced by price cuts. ZipRealty reports the following sale price reductions:

28 percent of the homes in Los Angeles County
35 percent in Miami
38 percent in Phoenix
43 percent in Boston

After the inventory explosion, after the price drops, after people figure out builder incentives are actually price cuts, and after the NAR can no longer spin the numbers to their liking, Panic sets in.

We're almost there nationally, and we're sure there in Phoenix, Boston, San Diego and Miami.

15 comments:

Anonymous said...

BOOO HOOO HOOO! Greedy bastards will not make as much money on the sale of their house. My heart bleeeds!

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...

what is so hard to understand about the "bubble"?? It seems 10 year old could figure this out..
In my building (where I rent for $1,185 p/m Miami Beach ) condos were selling at a $200.000 to $280.000 range in 2005.Now the range is $320.000.00 to $500.000!! But... the mortgage rate is up a full point. This is not a building a "rich" person would buy. My income has gone up with 10% in the past year but now any chances of me owning a condo are off the table. People also tend to forget that we are not only looking at a mortgaging 100K more but also paying 2.57% on taxes more on that $100.00 PLUS... mortgage rates are up.
What happened with plain common sense??

confused said...
This comment has been removed by a blog administrator.
confused said...

sorry, I guess I am too wind up:-))

uknowwhoiyam said...

What's the source for the Buyers.gif image that appears with the MSNBC article on the main page?

That graph is very interesting but it's not part of the MSNBC article. is it accurate, or just some clip art?

Anonymous said...

Don't worry about it Confused. We're all pretty wound up about this bubble and if doesn't burst SOON and BAD , WE are gonna burst!

Burst the freaking bubble already. And burst it quick. None of this "10 years to the bottom" crap.

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