June 18, 2007

Housing Crash: They're just walking away and turning in the keys in Florida, Nevada, California and Arizona now

Want to see what happens when the speculator roaches flee? Foreclosures everywhere, destroyed comps, unsaleable supply, collapsed demand, and you got it - finally, plummeting prices and a rush for the exits.

It's just the way the world works. Even if the corrupt NAR and stupid realtor bloggers want to tell you otherwise.

"Information provided to the MBA from a variety of sources indicates that the foreclosures in Florida, Nevada, California, and Arizona are heavily influenced by speculators who are walking away from properties now that home prices have started to fall in areas of those states and they face resets in the adjustable-rate mortgages they took out for these homes," the trade group said.

11 comments:

Anonymous said...

When the front cover of TIME magazine tells it reader's how to do this...it may be time to buy again...

Marky Mark

colorado said...

I may have seen one of the fleeing roaches. Yesterday at a gas station on I-70 there was Mexican family in a white Hummer, all blinged out with the $2K wheels and gold trim. The back was packed so full of household stuff you couldn't see out of the windows. The kids were talking about leaving California. Grapes of Wrath in reverse - maybe they'll stop in Oklahoma.

Anonymous said...

Yeah, but it just means more supply for the Asian street gangs seeking grow houses for their marijuana production. Afterall, they pay cash up front; how many desperate homedebtors wouldn't take that right now? Move to the exurbs, will you'll have few neighbors and lots of grow houses surrounding your kids!

Anonymous said...

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A rare photo of Coldwell and Banker together!

Anonymous said...

Hey, if we have all these empty homes, maybe it would be nice to fill them with all the illegal families pouring in!

I mean, why shouldn't someone who can't afford a dwelling live in malibu, or Rancho Santa Fe?

stupid question said...

Can someone tell me what "comps" are?

Anonymous said...

>> I may have seen one of the fleeing roaches. Yesterday at a gas station on I-70 there was Mexican family in a white Hummer, all blinged out with the $2K wheels and gold trim.

Dumb-ass father thinks that by leaving CA, the bank and their repo-man won't want their vehicle back...

Anonymous said...

It's time for the pension funds, taxpayers and lenders to bend over.

Anonymous said...

Hey living in Fl they just gave everyone a MAJOR property tax break that will SPRING THE HOUSING MARKET into action....an entire $174 dollars..YES can you believe it? I hope I can spend it before they give Florida Power and Light their 25% increase...Come on kids lets go spend that money..How about a one night stay at the Disney Hotel..nope..cost $259 a night!

Phineous said...

They are stopping in Oklahoma. I'm running into them more and more. It'll be a radical lifestyle adjustment to move to this cultural wasteland!

If anyone needs repo work done in OK, one of the best lives down the street from me. Drives a big diesel truck that's always creeping out in the wee hours.

Stephen said...

stupid question said...
Can someone tell me what "comps" are?

June 18, 2007 4:31 PM

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"Comps" is short for "comparables".

This means the recent selling price of comparable homes in the area. It is the primary tool that real estate appraisers use in their home valuations. They look at your house, find some comparable houses in the area that have been sold recently, and use those sale prices to help make an educated guess as to what your house would sell for if you sold it today.