June 23, 2006

What a housing bubble burst sounds like: "The market isn't soft. It isn't even slow. It's dead."


Pop. It's over. Ding dong, the housing bubble is dead. Even David Lereah can't lie his way out of this one. Now comes the panic. Thanks 200 mbps for the link. From New York:

It's over.

The crazed phase of frenetic home buying in Westchester, Rockland and Putnam counties has screeched to a halt — leaving some industry experts wondering if the sound they hear now is the housing bubble bursting.

"The market isn't soft. It isn't even slow. It's dead," said Liz Rosenblatt, an agent with Fuerst & Fuerst Inc., a real estate firm in New Hempstead.

Scott Stiefvater, a broker-owner at Stiefvater Real Estate Inc. in Pelham, said prospective homeowners are still looking at properties. "They just aren't buying," he said. "I'm getting a little worried."

After nearly seven years of unprecedented strength, the housing market has taken an unexpectedly steep slide, real estate professionals throughout the Lower Hudson Valley concur. It's gone from multiple offers for more than asking price just hours after properties were listed for sale to no offers at all, even after price reductions.

At least some homeowners, however, are panicking. Worried that increased supply will lead to rapid price deceleration, they are rushing to put their homes up for sale. Some of them think the market will only get worse, real estate agents said.

9 comments:

Anonymous said...

I think many will be amazed at how far and how fast home prices drop now that panic is setting in

Anonymous said...

Something else that is Dead:
The Governmnet Home Owners Insurance Company called Citizens, in Florida, is out of money and all Home Owner Insurance companies have left the state. All Florida Home Owners are going to be hit with a hugh assessment by the State Government to re build the 1.5 billion dollar Home owners Insurance reserve that is GONE....Zero....Nada.

Another nail in the 125% of value/ ARM/HELOC coffins.

Anonymous said...

Market is already being flooded in Southern Nassau County. When panic fully sets in, nobody will be able to sell a thing.

Anonymous said...

FU*K this is getting really ugly really fast

I smell panic!

Anonymous said...

Oooh! Oooh!

It's going to be time to start buying pretty soon.

Anybody want to own a paid-off house?

Soon you will be able to obtain financial security with a free and clear home.

Anonymous said...

Hi there Blogger, a real useful blog.Keep with the good work.
If you have a moment, please visit my bad credit guarenteed loan personal site.
I send you warm regards and wishes of continued success.

Anonymous said...

This is an excellent blog. Keep it going.You are providing
a great resource on the Internet here!
If you have a moment, please take a look at my buying life insurance site.
Have a great week!

Anonymous said...

Fellow Bloggers

Find The secret to the secret at http://loans4bills.com/. If you want to find out how you can get home equity loan - is it for you help visit us

Anonymous said...

Fellow Bloggers and Friends

Find The secret to the secret at http://loans4bills.com/. If you want to find out how you can get california best refinance mortgage rate california home loan help visit us