August 23, 2007

HousingPANIC Stupid Question of the Day




What US city was most negatively impacted by the Great Housing Ponzi Scheme (GHPS), Ugly Urban Sprawl (UUS) and Corrupt Real Estate Industrial Complex Infestation (CREICI)?

In other words:

* Pre-bubble: Was a kinda cool city with good prospects, good jobs and high quality of life


* Post-bubble: Pretty much sucks, unemployed illegals and REIC losers, totally screwed

BONUS: What housing-bubble-created factors messed up American towns?

61 comments:

Anonymous said...

Can I change that from was affected to will be affected. And also change city to town.

I think that it will be a 2nd home area.

Sandpoint, Idaho gets my vote.

Gunnyr said...

Vegas will be gansterville once more. Let's all invest in tommyguns.

Anonymous said...

How about two 'non-cities' that look like they are doomed? Based on all the for sales signs and unhappy one operated home improvement businesses my vote is: THE ENTIRE NASSAU / SUFFOLK / QUEENS / BROOKLYN LONG ISLAND AREA - Home of many now gone home mortgage boiler room outfits!

Anonymous said...

Pretty much all of St. Charles County Missouri, which is west of St. Louis.
We moved here from Plano, TX (which already sucked) thirteen years ago. At the time it was a few smallish to medium sized towns/suburbs. Now, traffic 24/7 and these huge, ugly houses with no yards as far as you can see. I feel like my small house with large yard in the older part of St. Peters is an Island in a sea of suckiness.

Anonymous said...

San Diego!

Runner up Naples Florida

Anonymous said...

Everywhere WalMart and Illegals went

Anonymous said...

Detroit.
Nuff said.

dopes said...

WAIT...WHAT'S THAT???
.
.
YUP, JUST WHAT I THOUGHT!
.
.
NOTHING!!!
.
.
WHAT A BUNCH OF BUFOONS!
.
.
JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!
.
.
COUNTRYWIDE RELIEF BRINGS OUT BULLS!!!
.
.
STOCK FUTURES POINT TO HIGHER OPEN!
.
.
SOME CRASH!
.
.
DOPES!

Anonymous said...

The bubble only accelerated what was going to happen anyway.

Anonymous said...

North County Coastal San Diego...Moved there in 1987 GREAT small surf communities, prices were reasonable, traffic was no problem...could have stayed forever....
2004...moved to Pennsylvania to escape the craziness and 24/7 traffic on Interstate 5.
The area will never be the same, all changes for the worse..

Anonymous said...

Manassas, VA

W.C. Varones said...

San Diego!

Anonymous said...

CFC up $7 today

BOO YA fools

SPECTRE of Deflation said...

I'm going to throw in Cleveland Ohio because I don't want anyone thinking the rust belt is immune to this contained debacle:

Coyahoga County Ohio Treasurer Jim Rokakis. Rokakis gave a vivid picture of the state of homeownership in his county, which includes the city of Cleveland. Here are some highlights:

"… the worst foreclosure rate since The Great Depression."
"What’s going on is all these outrageous loans made to anyone who could conjure up a breath on a mirror going bad."
"… the buyer shares a considerable amount of blame. … half are homeowners, half are speculators, but the reality is that Wall Street made this money available …"
"… there was nobody home at the regulatory level in Columbus, and nobody home in Washington DC."
"… we’re already experiencing 20 to 30 percent."
how? "… because they were coached in how to lie …"
"… Argent Mortgages made here … since 2003 have negative equity of almost a quarter of a billion dollars *…"
"I don’t think people realize the level of fraud here. We don’t have enough jail cells to put all these folks away."

Anonymous said...

Just going from MSM and various blog reports, I'd go with Boise ID. Stockton, Fresno, Bakersfield, and the Inland Empire have always been blighted, crime ridden, hot, polluted, havens for illegal aliens-- they're just reverting back to their true nature. Boise is changed forever.

Stuck in So Pa said...

I have no city that I can relate to except Baltimore, where I lived many, many years ago. Kinda sucked then, kinda sucked before the bubble, definitely sucks now with the addition of over priced real estate. Typical doomed to the ninth-pit-of-hell American sh#thole city. I know of a lot of old friends, and some relatives, who never planned on leaving, who are struggling to pay skyrocketing property taxes on homes that now they could not sell for any where near their assessed value.

What I can relate to is when the bubble area flippers, flush with cash, move into your area and drive the prices up, WAY UP! This will destroy the smaller, older, quaint communities and towns that are within striking distance of a bubble center! Just like when California's locusts spread their housing inflation out to their neighboring states, so their Balt/DC cousins are doing the same here. It's getting kind of hard to ignore the For Sale signs around here anymore. If some out-of-state idiot offers me more cash than my place is worth, I just might take him up on it.

Anonymous said...

http://housingdoom.com/2007/08/23/cleveland-homeownership/#more-890

Anonymous said...

NUTLEY NEW JERSEY

From Pit to Pit

Anonymous said...

Bend Oregon, nice town 10 years ago, now like any other town that people think they are "special" and quality of life will never be the same.

Anonymous said...

All of south florida is in a mess in real estate. From West Palm Beach to Miami all of the new and talk was about the real estate boom and everyone everywhere was talking real estate. This area appreciated 150% in 5 years. Everyone thought they were rich driving around in the new 750s and Mercedes SLs. I would say from reading this website that south florida is up there with phoenix or even vegas. I doesn't get as much exposure on this website though! Real estate is at a standstill here! Excess inventory and high insurance(hurricanes!) and messed up property taxes, sucky schools I feel like this place is doomed and i am looking to move! I don't know where to go!

Keith- I really enjoy this site! Can you do something on SOuth Fl?!

gt said...

JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!

i dont get this, all we see are reports of x,xxx laid off, twice a day. i never see reports of x,xxx hired, say, in the past month. me thinks fed fudging jobless claims #

Anonymous said...

dopes:

One day does not a bull market make.

Countrywide? they're FUBAR'd, BofA is prolonging the inevitable (e.g. a surgeon setting a broken finger on a gunshot victim).

"Jobless claims"? Only a DOPE would believe those numbers aren't faked like all hell.

My vote: all of D-FW. This part of Texas is ugly enough w/o a orgy of clear cutting. As it is now, the region looks like ass.

Anonymous said...

Unchecked housing sprawl ruined most US cities (and created global warming of course)

Anonymous said...

gt said...

JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!

i dont get this, all we see are reports of x,xxx laid off, twice a day. i never see reports of x,xxx hired, say, in the past month. me thinks fed fudging jobless claims #

August 23, 2007 4:06 PM

==================

Are you seriously this stupid? Do really expect newspapers to announce any time someone is hired?

Companies don't hire 1000 people at at time, they hire a few here and there throughout the year. Except there are millions of companies doing this. Every day tens of thousands of people start new jobs and every day tens of thousands of people are fired as well.

You really have no clue.

sam said...

I liked the slightly dodgy urban area on the fringe of a city, preferably an abandoned warehouse.

It was cool when you took a discount to live with the issues inherent here. The sort of people who were attracted to such a deal were generally interesting.

But paying $400k for a low-grade rehab near both crackdealers AND schwag-brained homedebtors is not cool. In that sense, the "coolness' of the gentrification/renovation scene was affected, though on the bright side, at least in the urban scene all the new fb residents bring new services/amenities to the neighborhoods, unlike the suburbs where new residents contribute mainly congestion and destruction of the natural environment that the initial residents found attractive.

Mark in San Diego said...

Cleveland and Detroit - and my hometown of Canton Ohio. . .they represent the true result of de-industrialization of the USA. . .all jobs to China - a nation of fast-food managers, used car salesmen, and flea-market peddlers. . .my Canton Ohio nephew is the Poster-Boy of what has happened in Canton - most factories have closed (except Timken), and young people go from fast-food jobs, to retail jobs. He and his wife already lost their home to the bank - why - no healthcare for the kids, low income, and credit card lifestyle. They share the blame in this (buying too much junk), but the system is stacked against them. As I mentioned here before, we are in a depression disguised as prosperity - just say "charge it" and everything looks pretty.

David said...

Carlsbad, CA.
Used to be heaven, now it is illegal and traffic HELL.

Sad, but it is time to leave this mess.

borkafatty said...

JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!

------------

Not that is wasn't Confirmed a long time ago...but you just proved it even more...you are a Moron.

I guess ill tell my brother in law who is or was in the construction field that the job he lost 4 months ago is coming back...and things are looking up....Dope!

vegas crash watcher said...

Las Vegas: almost everyone here is a day's tip jar from desperation. And they don't understand the phrase "water shortage".

yuccatree3 said...

"I don’t think people realize the level of fraud here. We don’t have enough jail cells to put all these folks away."
__________________________________

This probably applies to most of America. :-((

Anonymous said...

*



Penis!


I mean Phoenix

Anonymous said...

David said

Carlbad, Ca.


No joke! Used to be a quaint sleepy lil seaside surf village.

But now, Oy!

Anonymous said...

I work for a NAtional Builder, and we have a great joke here:

What would you rather have?:
a) syphilis
b) a house in Detroit


Answer: a) Syphilis. At least you can get rid of it.

Anonymous said...

It gave people the means to show their hubris and false pride. It skewed their values.

Anonymous said...

"CFC up $7 today

BOO YA fools "

Great, go buy some Junior assuming you are not busy doing your twice per week shave or coloring your hair tips. Tell Cramer "Hi" from Smug Bastard if you happen to run into him in the long line of buyers for CFC stock. You can get Angie to give you coupons for Tan Co. tanning when you buy 10 or more shares of CFC, but hurry - it is a limited time offer. It will look great with your blond tips. I'm excited just thinking about it... Get your mom to throw in with you for a few hundred shares of CFC while you're at it since you believe it is such a great buy.

Anonymous said...

SEATTLE/BELLEVUE is not agreat place to raise a family anymore,it sucks

Anonymous said...

Bend Oregon, nice town 10 years ago, now like any other town that people think they are "special" and quality of life will never be the same.

****

I hear ya on that one. I was born and raised in Ashland (just south) and used to want to raise my children there. Not anymore, they're shutting down elementary schools and making more room for rich SoCals to move in and price us locals out. I'll never afford to live there-- unfortunately it's still beautiful - just pretentious!

Frank@NeverColdCall.com said...

Phoenix takes the cake on this one. It used to be full of very friendly, hard working, family oriented people. Now it's nothing but fake plastic clubgoing drug addict trash along with endless illegals.

resisting husband said...

agree with anon 3:12. The entire central valley of california, has huge illegal populations, $30-35k median income, crime, crappy air, and no culture. despite all that, home prices tripled. Out of town flippers from the bay area own a lot of houses here. (thanks casey) In fact, if you go on craigslist and look at rental houses, a lot of the landlords numbers are in the 415 and other bay area area codes.

Its gonna take time for prices too fall, as the realtors and homedebtors are not really in denial, more like "clueless" that house prices are not rising exponentially anymore.

What happened to all the people begging to pay millions to live in our illegal infested, crime ridden, hot, dirty air having, cultureless rathole of a town? shouldn't they be lined up at the realtors?

Anonymous said...

1987 Waterloo IL - St. Louis bedroom community with great rural German immigrant heritage, low taxes, low crime, a little bit of a commute to go anywhere but didn't have to drive with the unwashed masses yakking it up on the cell phone.

2007 Many, many over priced McHouses. High Taxes with no end in sight. Absorbed a crap load of white flight from adjacent St. Clair County. Tons of traffic. Lots of McBusiness and a giant Wally World.

Smug Bastard

DOPES said...

WAIT.
.
WHAT'S THIS?
.
.
YES!!!!
.
.
Rates on 30-Year Mortgage Rates Sink!!!
.
.
SOME CRASH.
.
.
KEEP ON RENTING!
.
.
DOPES!

Anonymous said...

Look at the latest on seattle bubble

Anonymous said...

Las Vegas...where home owners are still somewhat in denial, with inflated egos to good to concede.
home of more Illegals, traffic hell, hot sun..congestion, more crowded homes and less parks..
Its gonna turn into new jack city.

brokersleaveyoubroke said...

dopes said
JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!

That's what the headline said but if you read the rest of the story you will see that continuing claims rose. That means that the people who already filed their claims still can't find jobs and the total number collecting unemployment is higher then last week. No need to thank me, I'm just happy to clear up any misunderstanding you had.

fartsy said...

Baltimore. Out of town investors have destroyed my neighborhood and are slowly destroying the city with their shoddy overpriced rehabs and vacant shells.

Anonymous said...

Gotta be Phoenix... this place sucks now.

Anonymous said...

Another vote for Bend, OR. It will be winter there in about four weeks... too cold to pour concrete.

Anonymous said...

DC Suburbs.
Many previously inexpensive homes in Gaithersburg, Germantown and Wheaton tripled or quadrupled in price because of massive purchases by undocumented persons with cash back that was used to pay mortgage and taxes until obligation for the broker to buy back failed mortages expired. Crime growth and types in some inner suburbs is growing to become like some big cities. Expect Montgomery Village to become a lender owned ghost town, already having financial problems. New planned communities throughout MD and VA were mainly purchased by non-resident buyers purchasing multiple homes. PG county has same magnitude of problem home equity loans and parts of Chicago, St Louis and Minneapolis that have had problems. Condo conversions are failing in weathly west Montgomery county. Already there is a large scarred highrise at the corner of Rockville Pike and Montrose road. Rise in jumbo rates and 20% down requrirment will keep out most buyers at current prices. Most retail shopping centers have many tenants for which most purchases were paid for by second mortages such as countertop companies, furniture stores, flooring stores, mortgage lenders, and most of the growth in office space has been to mortagage lenders. Vacancy rates for commercial space is growing while contruction is continuing, not making sense.

Anonymous said...

Thanks Dopes!

I just bought 5 condos last month, because you said real estate always goes up and that renting is stupid. Two neighbors just put their identical condos up for sale, AT $22,000 LESS than what I paid! I am screwed thanks to you. Another neighbor is renting her place out for $350 a month less than my mortgage payment! Are you gonna pay me $100K to cover this, or do you wanna just buy all five of my condos for what I paid???

...Screwed by DOPES

Anonymous said...

Compton and Little Haiti...two promising areas...too bad.

Anonymous said...

"Keith- I really enjoy this site! Can you do something on SOuth Fl?!"

Keith usually posts stuff about Florida. The last one was that lie, called Blue Condominium, whose tenants want to get out of the contracts. Unit "owners" (the bank owns) say that the developer never told them that there were crack hos hanging around the hood. Crackalakin' mofo! If you want more stories about FL, our friend Ben also does a good job at The Housing Bubble Blog.

Brenda said...

San Diego is my top vote, but Vegas has to be right behind it.

Anonymous said...

"dopes said
JOBLESS CLAIMS DROP FOR FIRST TIME IN A MONTH!!!"

The gov doesn't include illegals in that count. And the pink slip party is just starting...stick around, DOPES, because it's going to get very interesting by year end.

Anonymous said...

My vote for South Florida. Escaped over a year ago to Charlotte, NC (a beautiful town, for now). Had the house there on the market for 8 months and still had to undercut the neighbors to get out. From what I hear nothing is moving there now. I feel like we escaped before the jaws snapped shut.

Anonymous said...

It's gotta be Miami with 20,000 condos going up. Only half will be finished and the other half will be skeletons in the sky. Perhaps HUD will buy them with taxpayer dollars and bail out the developers. The luxury condo boxes will be used to house the Section 8 varmints who will promptly destroy their new homes and cry racism.

Cow_tipping said...

My vote goes to sacramento. 97-07 its taken a huge dump. Yea in 97 it was sorta devoid of character and night life and hot chicks to begin with, but it was cheap, had great weather, very little traffic and very laid back nice people and a very family oriented place.
Cool.
Cow_tipping.

Anonymous said...

DOPPES didn't screw you, greed did. Riding the coaster up is always easy but there is a downside, even kids know that. And kids also know that stepping out at any time can be harrowing.

U B harrowed, dude.

Anonymous said...

The housing bubble mentality has wrecked just about every town, community and neighborhood in the country.

That's what happens when a house turns from being a HOME and into a LOTTERY TICKET.

The a-holes who made this country sick with that mentality (NAR, Congress,etc.) and those who still wish to preserve it (ie. Dodd, Hillary, etc.) should be ashamed of themselves.

Anonymous said...

DOPES said...

WAIT.
.
WHAT'S THIS?
.
.
YES!!!!
.
.
Rates on 30-Year Mortgage Rates Sink!!!
.
.
SOME CRASH.
.
.
KEEP ON RENTING!
.
.
DOPES!


What is the decrease of rates going to do for the people who bought their house less than two years ago 100% financing and now they owe more than the house is worth? The decrease in rates will not make the increase of their adjustable rate mortgage a little lower than the typical 50% increase in mortgage payment. But do you think that would make a difference on the lives of people who were already overextending themselves with the intro rate? They already owe more than the house is worth and then they are going to eventually be hit with an adjustment on their mortgage payment. According to Credit Suisse just in the month of October it is schedule that $50 billion in ARM loans are going to adjust, then every month after that another $30 billion will adjust until September 2008. Where would these adjustments would put the borrowers who took out these loans? Foreclosure you dumb ass! And do you think this will happen on a vacuum? Do you think other sectors of the economy will not be affected? Keep hoping for that and hell will freeze first.

Anonymous said...

Hey DOPES, you are not going to convince anyone here. I'm not sure what's the purpose of your idiotic propaganda. You cheer like a little girl when the market goes up (thanks to PPT and the mafia who runs Wall Street).

Sure, you are the man, the billionaire, the big f deal real estate investor, the guy who could retire tomorrow and live like a Hollywood star. Sorry, man, but you are selling your stupidity to the wrong people because nobody here will ever believe you. As far as we are concerned, the more you talk the more you look like a f*cked sheeple. We are all thinking that you are financially screwed. You must be up to your eyeballs in debt. So sad...oh, and one more thing, please don't breed.

Anonymous said...

Yep, there's no crash but the Fed had to inject billions in the market and now, for the first time, had to bend the rules on the discount windown to bailout the criminals in Wall Street. Man, if that's not a sign of a crash...Let's see for how long they can hold this huge lie called American economy, especially when 95% of Americans can't put together 20% to buy a home, millions are with their credit ruined, and millions of foreclosures are coming up by year end. Don't forget the billions spent in Iraq, the huge deficit, the wave of baby boomers that will be hitiing Medicare, and Peak Oil. Hoo-weeee, it sure looks tipo-top out there.

DOPES and Bush are saying that everything is rosy out there, it must be true!