Collapse.
In all good Ponzi schemes, the "C" word always comes up as the shepple run for the exits. A classic financial flim flam collapse, but for this one, done on such a massive, epic and historic scale, that these historic days will be talked about for generations. Hundreds of years will go by and people will still talk about the "great housing collapse of 2007".
Here's Newsday's "collapse" headline:
As housing bubble collapses, developers and sellers cut prices, await deals and pray for a rally in '07
Two months ago, Chuck Davis finished building a new three-bedroom, two-bath ranch in Shirley, and he put it on the market for $315,000. He considered it a rare find for potential first-time home buyers and hoped it would sell quickly.So far, however, Davis hasn't had any calls on the house, which, although new, is competing with 1,000 existing-home listings in Mastic and Shirley.
"I'm maxed out right now until I unload some of these homes," Chuck Davis said.Similar stories abound - and the incentives are growing. Builder Alec Ornstein, a partner in Ornstein Leyton Co. in Garden City, is offering buyers an upgraded kitchen or, in some cases, a year of paid real estate taxes. Steven Klar, an East Meadow developer, is throwing in a Mercedes with some of his homes."It's a buyer's opportunity right now," Klar said.
October 19, 2006
MSM uses the "C" word (housing collapse)
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39 comments:
did any of you see the movie Hellraiser?
great horror flick:Pinhead Quote:
The Pain and Suffering you will expericance will be Legendary even for Hell.
Keith,
How long have you been holding on to that PIC of an Imploding building waiting to use it?
Too Funny.
thats the trouble with precision sarcasm, they just dont get it
Nation's housing market called 'a slow-moving train wreck'
Now Keith- the next pic we need is a good train wreck.
I cannot believe these jokers. They want to throw in a mercedes or an upgraded kitchen(sink) to make people buy!
As if it makes a diff in few hunderd thousand dollar price tag!!
Mey be there are still greater fools in this country. May be I am over estimating the intelligence of avearge citizen in this country.
Can anonone explain to me why the folks in so cal like la and oc are still in denial?????
Have you seen what a beautiful day it is today??? I think there is lots of denial and for a good reason. EVERYONE (well me at least) wants to live here.
MatDew
from city-data.com:
Done with it. We aren't going to play the game anymore. Every seller has to see this. A realtor tells us to go lower on our selling price. Homes are being dropped to crazy prices. People are you desparate? I am tired of all the negative stuff about real estate and tired of the realtors wanting to make a quick sale. Don't give your homes away people!!! Stand up and make a difference. Keep your prices at what you listed them at unless you are in a desparate situation. Fight back! We are. I don't even care if we have to wait a gazillion days or months to get what our home is worth. We just had a friend get an appraisal and boy what a surprise that was. Its way above what these sellers are selling their homes for.
Nuff said.
HEy Anon - Where are you located that sellers are dropping their prices so much?
Buyers have to realize that they aren't getting a 'free' Benz with the purchase of the home. Any potential buyer falling for that kind of marketing needs to bluebook the car and ask for that amount off the offering price of the home.
Then ask 6% off that figure so the buyer doens't have to pay for realtor fees.
Ask for 4% off of Realtor Fees so every one wins.
I did and got it.
There are no sellers dropping their prices so much. Homebuilders are offering incentives. There is no housing crash. Get real folks.
Seriously, show me one house that's 20% off of last year's sale price. ONE.
got mine from a FB at 30% off. Neighbor is another FB that paid full apprasial two months ago.
Next Question.
" got mine from a FB at 30% off. Neighbor is another FB that paid full apprasial two months ago.
Next Question."
Address?
none ya.
See, you're full of B.S. There are no 30% off houses.
.lasrever siht morf hsalpihw teg ot gniog lla er'eW
See, you're full of B.S. There are no 30% off houses.
It is hard to find houses for sale that are 30% less than last year because they have pulled those listings and re-listed the same house under a new listing. Duh!
"It is hard to find houses for sale that are 30% less than last year because they have pulled those listings and re-listed the same house under a new listing. Duh!"
You can look at the last sale. Duh!
I argued a lot that the market was falling with the guys at work. They asked me to point to real sales data showing that the market is falling.
Some places, it's falling off of asking prices. Like San Diego and Phoenix.
But there's nothing really concrete to say, yes, it's 10% off last sales price, and yes, it's going to keep going down.
In fact, looking at the charts, especially around Seattle, it's the highest it's ever been.
So the fact is, you HPers are full of B.S. Is there a chance things will go down further? Maybe. Is it a crash? No. Last I checked there were still millions of housing starts and millions of house sales per year.
So where do you get your numbers? Hmmmm??? Bottom line is you are full of B.S.
That's just a photo of a building collapsing under the weight of the occupants ego's!
BTW you HPers suck at arguing. I found a house already that's 30% off the last sales price.
Check out the first one in Sacramento. It last sold for 2 million.
http://flippersintrouble.blogspot.com/
I argued a lot that the market was falling with the guys at work. They asked me to point to real sales data showing that the market is falling.
Some places, it's falling off of asking prices. Like San Diego and Phoenix.
But there's nothing really concrete to say, yes, it's 10% off last sales price, and yes, it's going to keep going down.
In fact, looking at the charts, especially around Seattle, it's the highest it's ever been.
So the fact is, you HPers are full of B.S. Is there a chance things will go down further? Maybe. Is it a crash? No. Last I checked there were still millions of housing starts and millions of house sales per year.
So where do you get your numbers? Hmmmm??? Bottom line is you are full of B.S.
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And Iraq is going to be a peacfull country tomorrow Morning and all this was a big dream..so what your saying ..right!..is everything is grand go out and enjoy yourself..and buy a home ..no wait 2..they are cheap..
My Glue comment from yesterday stands.. to much glue intake is bad for your brain..obviously.
"BTW you HPers suck at arguing. I found a house already that's 30% off the last sales price."
Thanks for the link! And, thanks for nullifying all of your previous arguements.
So, I assume you are a self-converted HP'er now?
borkafatty:
I am very familiar with the Wellesley, MA market having lived there for many years. 3 years ago, I was trying to buy something in that town and virtually nothing would come on the market under $1 mil. I really didn't want to go that high and finally found a little cape, well located, in need of MAJOR repair. (rotted sill, a patched up rubber roof, black mold throughout - should have been leveled) for $650K after a major bidding war that made the Boston Globe. I backed out after a roof inspection and then ended up having to move to the Bay Area (CA). I surfed through the Wellesley market on Realtor.com today and I'm still in shock. There are many houses below $1 mil. now. I can get a well located colonial for almost the same price as that (derelict) cape. This is unbelievable. When I talk to my friends, they say that houses are merely sitting and prices have been a little less than they were. Maybe because they're so close to it, they can't see the magnitude of the change. But it's definitely significant. I'd say a good 10% - 20% lower than where they were 3 years ago. I'm not that familiar with the market in CA, but I haven't seen a significant change in the Bay Area except that there isn't as much buyer desperation here on the peninsula as when I first arrived.
not buying the bubble said: See, you're full of B.S. There are no 30% off houses.
How about this house?
Originally $1,399,000
Now: $925,000 and still not sold...
http://tinyurl.com/vksb6
Another one?
Owner Name: SLADE, DANIEL A M & MARY MADAY SLADE
22500 BRETON BAY DR, LEONARDTOWN MD 20650
TUDOR HALL ESTATES
Seller: CHAPEL POINT DEV CORP
Date: 06/16/2006
Price: $460,000
Seller: GARNER, BENJAMIN A JR
Date: 07/07/2005
Price: $650,000
Want more?
Owner Name: JACKSON, HERBERT H JR & VIVIAN C
27198 QUEENTREE RD, MECHANICSVILLE MD 20659
QUEEN TREE KNOLLS
Seller: DENYER, JORGINA L S/O
Date: 04/12/2006
Price: $439,900
Seller: MISCH, HANS PETER
Date: 04/05/2005
Price: $525,000
Still not conviced people are losing money?
Owner Name: EXCELL ENTERPRISES LLC
HURRY RD
Seller: COOPER, ROBERT L & SUZANNE K &
Date: 01/30/2006
Price: $157,500
Seller: DAVIS, CHARLES MARION
Date: 03/01/2004
Price: $195,000
Seller: BAILEY, VERNA V
Date: 12/30/1986
Price: $12,096
Owner Name: 3 N LLC, C/O DR NEAL ZABIEGALSKI
22926 THREE NOTCH RD, CALIFORNIA 20619
TOWN CREEK MANOR
Seller: OAKLAND LLC S/O
Date: 01/30/2006
Price: $210,725
Seller: AUD, JOHN S
Date: 12/21/2004
Price: $275,000
"not buying the bubble said: See, you're full of B.S. There are no 30% off houses.
How about this house?"
Not buying the bubble found all those houses before you did. Bwahahahahaha
not buying the bubble is delirious , lets just ignore him and hopefully he will scuttle away like a typical troll does when backed into a corner.
I am very familiar with the Wellesley, MA:
Yes anonymous I to am a Masshole citizen..middlesex county area, it still amazes me what people are paying in this area..BUT! prices are coming down in the area bigtime..plus people are leaving this area by the car loads..cost of living in Mass is out of wack.
And the job market is SLLLOOWW! if you are not working steady now good luck trying to find a job..they are out there yes but you have to hustle..as far as price reduction statewide I think mass is ahead of the game in a sence.
>They are using incentives because they don't want the lower sales price recorded in the MLS. I'm surprized the lenders are letting them do it.
I'm not saying that I disagree here, but as a paying member of an MLS -- I'd much rather have data that accurately reflects real prices on the market.
I'm in a rather small market in between Vegas and Phoenix, I haven't seen all that much in terms of these kinds of bogus incentives (like free vacations, TV's or even cars) included to keep the price up on the MLS. I know more of that goes on in the larger markets.
In my opinion, the members of the MLS should not be manipulating the data (with incentives) to show a higher price. The data is already poor in the first place, no need to make it worse.
not buying the bubble said,
“In fact, looking at the charts, especially around Seattle, it's the highest it's ever been.”
“So the fact is, you HPers are full of B.S. Is there a chance things will go down further? Maybe. Is it a crash? No. Last I checked there were still millions of housing starts and millions of house sales per year.
So where do you get your numbers? Hmmmm??? Bottom line is you are full of B.S.”
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During this morning’s ferry ride to Edmonds, one of the other regular commuters was telling his comrades that he had just put his house on the market. Big house, 2½ parked-out acres, 690K asking price, 5 minute’s drive to the ferry terminal. Here are the specs:
MLS # 21674611
4 BR/3.5 BA/3559 sq. ft.
Built in 1990
Here’s the link; in case it doesn’t work try searching for Skyline Properties + Washington -> Kitsap County -> Kingston (or maybe just the MLS#)
http://www.skylineproperties.com/search_results.php?PHPSESSID=93007eb86083f17adc92d889ca7ab4ea
------------------------------
Do you really believe this house will sell for $690K? Let’s see, how many buyers out there are willing to pay this price for the privilege of a daily ferry commute (1/2 hour each way), then driving somewhere else, on top of that unless they are lucky enough to work in Edmonds?
Watch this unfold in real time - let’s try following this listing and we’ll see whether the seller gets his asking price, 90%, 70%, or whatever.
-Mammoth
More importantly, while oil price declines have claimed center stage, few have noticed other commodities price rallies that are surging in the wings. For example, during the past month industrial metal prices have surged, led by zinc and nickel prices which have both increased by more than 20%. Even more impressive has been the rise in agricultural commodities, led by skyrocketing wheat and corn prices that have risen by 33%.
Given that food prices are conveniently absent from the "core" measures of inflation, I would expect that these agricultural price gains will receive scant attention from government economists and financial pundits.
And although many of these theoreticians would prefer otherwise, we all have to eat.
Unfortunately, doing so is about to get a lot more expensive.
So as the temporary relief at the gas pump will soon end, pain at supermarket checkout counter will soon begin.
These higher costs, combined with rising mortgage payments created by upwardly resetting rates on adjustable home mortgages, will result in severe strains on the consumer's ability to spend on discretionary items.
Of course, if the consumer stops spending, there goes the ball game for an American economy whose GDP is 70% consumer spending.
Your right (not buying the bubble) things are looking up for sure..must be nice place to live fantasy land..I'll have to visit there sometime...
Remember if the permits are pulled and the engineering is complete they have no choise but to get the building off the ground otherwise they (the builders) are going to loose their shirts, so the wonderful buiding you see going on around you is a win or loose situation.
Actually let me rephrase that last part it ..if a reduction in starts are noticed then wallstreet will start dumping builders and well we all know what happens then ..dont we?
This about sums it up!
Dream Homes and
Mortgage-Debt Nightmares IE: REALITY!
http://tinyurl.com/yxxa7e
lunch time peace out!
"http://www.skylineproperties.com/search_results.php?PHPSESSID=93007eb86083f17adc92d889ca7ab4ea"
Kingston dude, you ROCK ... that's the best deal I've seen around Seattle.
I'm seriously considering putting an offer on that one. I think I'll go out there TODAY to see it.
Actually, nevermind! There are a couple of even nicer places out there!
Wow, I didn't know about Kingston!
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