What American city best exemplifies the housing bubble and crash?
You know, with swarms of realtors on commission, thousands of bartenders and call-center-jockeys-turned-mortgage brokers, illegals everywhere, city government dominated by REIC spawn, a local population suckered into the Ponzi Scheme, soulless neighborhoods, Wal-Marts and strip malls everywhere, and poor-urban-planning-decay?
Give us your top 5
September 16, 2007
What's the worst housing-bubble-blighted city in America?
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53 comments:
Why PHOENIX of course including the towns of MESA ,Gilbert etc....
Are you kidding? PHOENIX!
1. Miami, FL
2. Tampa, FL
3. Schaumburg, IL (most of suburban Chicago actually)
4. Houston, TX
5. Omaha, NE
How's the market in Tallahassee?
Northern Rock is learning that leverage can work both ways. Just as a relatively small amount of money can be put to work on a much larger scale; a relatively small setback can have huge consequences.
Call it the chaos theory of global capitalism: a butterfly flaps its wings in a sub-prime trailer park in America and the shock magnifies as it ripples through the highly leveraged financial system.
Going forward, the Salt Lake and Utah County areas of Utah. The price of houses has gotten totally out of whack with local incomes. A lot of the best agricultural land has been ruined by sprawl and the crime is up.
This is WITH very low unemployment. (BTW: There are lots of jobs but they are mostly LOW PAYING jobs)As jobs are lost we will be left with lots of vacant buildings. The commercial vacancy signs are already everywhere.
here is the best northern rock photo out
http://tinyurl.com/3dwvmp
LOL, you just described Oakland County Michigan to a T!
i just came from a 1.4 million$ s-box in hollywood california. 1000 square feet of 1920's pos bungalow. i would pay 100k.
watch 20 20 tonite for the greenspan interview.
Wake up Keith! Greenspan confesses to the FT:
US house prices are likely to fall significantly from their present levels, Alan Greenspan has told the Financial Times, admitting that there was a bubble in the US housing market.
Mr Greenspan told the FT that froth “was a euphemism for a bubble”.
The former chairman said the current turmoil in financial markets was “an accident waiting to happen”.
http://www.ft.com/cms/s/0/31207860-647f-11dc-90ea-0000779fd2ac.html
California. Oh, that's not a city. Could have fooled me.
No first hand experience here but from what I've read & heard I think its CA (LA, SF, SD and several cities in the interior of CA); Pheonix metro area; Las Vegas; Miami & southern florida. Other areas from Metro DC to New England seem to also have suffered from significant housing inflation but not to the same extreme as the earlier mentioned areas.
Good Luck.
You just described all of California, Nevada, Arizona, and Florida. I pray for the day that these REIC trolls go back to their jobs as strippers, bartenders and small-time grifters.
Las Vegas for sure
Why are Democrap-run cities so shitty?
Detroit
Cleveland
Newark
New Orleans
Compton
They are all corrupt drug and gang infested rat-holes full of true blue DemoRats
I agree with anon 10:46!
Hollywood, Los Angeles has got to be the biggest bubble. Why do I say that?
1. Prices that are completely totally out of whack with reality, that are significantly worse than other bubble areas in the country. again, anon 10:46 refers to a POS box with an asking price of 1.4 million! WTF!
2. Just come to LA and look at what its become! One giant Piece of SH*T mehicano ghetto, billions of illegals everywhere, a traffic nightmare situation where you literally have to plan where you are going to go a day in advance. No kidding! And its routine that an hour and a half commutes EACH Way to work are common place because of the clogged freeways.
3. Look at the median salary of Los Angeles: its in the mid forty thousand dollar range, around $46000: for a family of ten illegals pooling together to pay the mortgage, if just one of them loses their job at the car wash or goes to jail because they were arrested for selling meth, then the whole family suffers because they've just lost their vital link in the mortgage payment!
So, Yes, Los Angeles has got to be the bubble epicenter of del mundo!
soon seattle/bellevue will be right there
Every illegal immigrant wants to live in Clownifornia. Just sell that shithole to the Chinese, Arabs, Koreans, and Japanese for a $9 trillion and we solve our national debt, illegal immigration, and inflation problems. Hell, we can throw in southern Arizona and Oregon too. The Asians love the West Coast and need more space for their populations. Let them fight it out with the Mexicans. I want to see what they do to those gangs that infest SoCal. The Japanese and Koreans would be chopping off hands. The Chinese and Arabs would be chopping off heads. Too bad we don't have the balls to do that
There is no need to name individual cities. This meltdown is going to affect this entire country severely sooner or later. Those in cities who think they are immune are in for a real surprise. It's just that places like Miami and Los Angeles are the beginning of a huge avalanche that will draw everyone else into it from now on. AMERICA-PREPARE TO REST IN PIECES!!
What is a REIC? Just found this Blog. It's one of the best sites on the internet. Okay, a depression is coming. (I am an appraiser and I knew this crash was going to happen in '05.) What do we do? Buy powdered milk, beans, bullets and plant carrots and tomoatoes?
in phoenix 5 years back 87,000 bought 3 bed rooms 2 baths 2 car garage private lot with swimming pool, all others were lesser value higher costs and keep, bubbleisious now to the max as is all others, phx being the deserts vally of the sun citys....
yeah and try paying taxes on your growing area with non corporate carrots, the neo socialist commies own your land soon enough with a payment in their fiat bogus currency, thanks to the local politician treasoners. top to bottom...,
Well, you're post describes Phoenix to a tee, so I think this is a loaded question. The only 100% accurate answer is Phoenix.
Which is fine because it's *THE* housing crash poster boy!
Why are Democrap-run cities so shitty?
Detroit
Cleveland
Newark
New Orleans
Compton
They are all corrupt drug and gang infested rat-holes full of true blue DemoRats
Oh so true. I was in San Francisco yesterday for the first time in 11 years and couldn't believe the dirt, bums, filth, gangbangers and crime of this previously "magical" city. The libs really destroyed it.
"What is a REIC? Just found this Blog. It's one of the best sites on the internet. Okay, a depression is coming. (I am an appraiser and I knew this crash was going to happen in '05.) What do we do? Buy powdered milk, beans, bullets and plant carrots and tomoatoes?"
REIC = Real Estate Industrial Complex
And, that pretty much sums up what you should do. Might also want to bury a few gold bars and some silver coins in your back yard.
As for other assets, Keither has got it right -- cash (non-dollar) will be king.
i would have to say phoenix according to twist........and i believe twist because she is hot.....
>>>Anonymous said...
What is a REIC? Just found this Blog. It's one of the best sites on the internet. Okay, a depression is coming. (I am an appraiser and I knew this crash was going to happen in '05.) What do we do? Buy powdered milk, beans, bullets and plant carrots and tomoatoes?
September 17, 2007 12:31 AM<<<<
oh so you are one of the guys who lied about housing values to the bank.....?
yeh go get your food man and thanks for your support...
houston texas? naw.......they are still in denial......the wave is not on the beach yet....but give it time........texas is kind of anti cyclical in a way to the rest of the country but this time, it is going down with everyone else on this titanic...
Anon September 17, 2007 12:31AM said-
"It's one of the best sites on the internet. Okay, a depression is coming. (I am an appraiser and I knew this crash was going to happen in '05.) What do we do? Buy powdered milk, beans, bullets and plant carrots and tomoatoes?"
1. Get out of debt.
2. "Pre-Buy" food concentrating on long shelf life food that you actually use. Hint- Almost all food is going one way...UP!
3. Learn to use really long shelf life food and get set up to use it. (Grain Grinder, Bosch Bread Mixer)
We will have inflation followed by deflation. Pass along some of those "tomoatoes". They'll go good with my fall crop of potoatoes.
Don't make fun of trailer parks. People who live in trailers are probably way better off than people who bought overpriced McMansions.
1. Miami - nothing beats this place in the amount of crooks and greed.
2. AZ
3. Las Vegas
4. Sacramento
5. Naples
Hell, just include the entire US, which became bankrupt and a third world country in the hands of the GOP.
the sad part is, everyone here thinks they know what cities are the worst. people who live or have been to LA recently think it is there. people in Fl think it is there. I'm in DC and think it is here, born and have family in tampa and think it is there every time i go there. just went to LA and think it is there.
clue: it is everywhere! this entire country is FB
Asking which city is most fucked is like asking which level of the Titanic got most wet.
Port Saint Lucie, FL. you have to see it to believe it. When I moved here I realized the bubble was real.
I swear you are describing all of south florida to the T. SUper Wal-marts, strip malls everywhere, CVS, Walgreens at every corner so the old people don't have to far to drive thier large cars which they can't even see to the front but driving to get thier drugs. Mexicans hanging out in front of home depot, Circle K and every where else breaking the corona bottles in the streets so i can get a flat tire! F@ck THeM!! THis is West Palm Beach and frankly all of Palm Beach COunty. THe only exception of course is Palm Beach! It's so white there!!!
Tallahassee is still cooking,
building everywhere.
Mostly commercial tho.
And there are those apartments converted to condos, slow movers.
Still dreaming our dreamy dreams.
I'm investing in whisky and bullets.
without a doubt, Salt Lake City and Utah County will get smashed. Overpriced POS track homes everywhere. This area is easilt 30-40% over priced.
San Diego is also in for a big big fall.
By the numbers, its the CA Central Valley cities. Stockton, Bakersfield, Fresno, and Sacramento are all in the top 10 nationwide for foreclosures, with Stockton leading the pack.
BTW-- to the earlier poster- These cities are the heartland of of post 2001, red, neoconserative, social conservative, big-spending, populism. I don't know why you're on your blue state soap box.
Hard to say if these will be the most affected. They've had many of the bubble related problems since the coming of the Okies in 1930s. Its truly going to be panic lily-white Scottsdale has to deal with adandoned retail plazas, cars parked on lawns, 4-yr-olds playing unsupervised in the streets, pit bull fighting, and methamphetamines.
There's a fine example of suburbia just 30 miles north of Los Angeles known as Santa Clarita. The REIC in that area has a noose around the local media's neck. Anyhow, they have just about everyone believing that Santa Clarita AKA SCV is immune from this looming disaster. I have lived in SCV for 10 years and have seen all of the warning signs. Anyone on this sight care to provide some info on this untouched area of Los Angeles??
Tampa. Combine declining home values with HOAs and creepy personalities working for "need to know" military commands at MacDill, and nice neighborhoods quickly turn into police states nitpicking about grass species.
Of course Phoenix, Miami, Vegas. But also the Inland Empire of California: Riverside, Hemet, San Bernadino. Just look at CityData.com for the demographics - those areas are populated predominantly by blue-collar workers with no college education, making $35K to $60K/yr per household, living in $800K homes. They drive 30 to 60 minutes each way to LA (in their Lexus' purchased via cash-out re-fi) because the Inland Empire has very few jobs for them.
Live Oak subdivision in New Tampa
1. Miami FL
2. Tampa Fl.
3. All of Cali
4 All of RI
5. Eastern portion Mass, Marlborough esp.
Hasn't anyone seen the Inland Empire of LA lately?. If " So goes LA, so goes the rest of the country" is correct we are doomed!
The Asians love the West Coast and need more space for their populations. Let them fight it out with the Mexicans. I want to see what they do to those gangs that infest SoCal. The Japanese and Koreans would be chopping off hands. The Chinese and Arabs would be chopping off heads. Too bad we don't have the balls to do that
WASP Americans had their balls chopped off long ago.
Boston-
Where else could you have had such ridiculously, nose-bleed section, inflated home prices, and yet these homes arguably get battered and weather beaten (thus becoming ridiculously expensive to maintain) more than any other part of the country.
Hot, humid Summers, with salt in the air. Cold, windy Falls. Artic like smowstorms in Winter and cold, prolonged rainy Springs.
Well, I guess something has to make the $28 downtown parking seem tame. That is if you can get through all the congestion and traffic to get to downtown.
Oh hell, the rodents don't mind. they've found a home in what remains of The Big Dig debacle.
Yet, although people are moving out of Massachusetts in droves, other morons still believe the hype and pay a lot for these shacks.
...and Cape Cod is more expensive and arguable more crowded and congestion per capita than Boston.
...anyone care to spend a couple of hours in traffic to go to tourist trap strip mall Hyannis?
Look, Art Bell listeners, it's fun to think that this is the apocalypse. I'm betting that it's not. Losing your home to the bank is horrible and it will happen to many Americans. But, this will be the exception as opposed to the rule.
As you cluck your "chicken little" clucks, remember Y2K and all the freeze dried food still mouldering in your basement.
It's a recession, (probably, maybe even certainly) but not the end of the world. It may be a depression which is basically a severe recession that lasts for two years.
It's a rupture not the Rapture
Yeah, those Democrats are really messing things up. Wait...wasn't the entire country run by Republicans for a while? Supreme Court...both houses of Congress...Presidency...huge approval rating post 9-11...all the talk shows.
They had total power and pretty much ruined the country in 6 years!
no one can deny sacramento california. there are strip malls EVERYWHERE. There are houses EVERYWHERE. What in the hell is lake folsom, I couldn't figure out where the beachy area was. There is none dummy. Matter of fact why did people buy houses by Folsom Prison. It's right there you can't miss it unless you are blind and even then someone will remind you every time you drive by it. I swear I went to visit someone there I was still driving through hours worth of houses for an hour and that was on the interstate. Never went back. The sea of houses that lead to the Sacramento Airport is a crime. How can you pick one when they all look the same and if you just travel far enough there are communities and houses just sticking out of nothing. Where ever there was empty land someone put up a WALMART, a home Depot, a few gas stations a grocery store and a sea of houses and of course no trees, it take an ordinance by the city to make people plant trees,(no wonder we are running out of gas, all these new gas stations have to have at least 10,000 gallons per tank) Once on a model home tour, there were signs to let you know there were all sort of creatures lurking around the property and be careful. Probably scorpions and lizards, and bears because it was their land first. Find one of those on a Sunday morning in the kitchen, please let it not be the bear. But they had a fantastic view of Folsom Lake. Or did it. It's been a while. To me the model for absolute housing mania absolutely gone crazy must be Sacramento California. But Las Vegas has to share the spot light. There are so many houses there that you can't even see the whole city from the sky as you approach the airport stuck in the middle of town, which was probably outside of town at some point. I have not been there in years so I can only assume it has gotten worse. So when people can't get any more money from their houses who is going to support all the casino's.
Did anyone know that live outside of California and aren't familar with our populus state and it's major freeways. Once you leave the grapevine somewhere around San Fernando Valley. There are houses and malls and stores and gas stations as far as the eye can see until you reach Camp Pendleton, and only because it's a military base and there is an Ocean stopping them, that is like a 150 mile drive, with bumper to bumper traffic the whole way and then after you pass Camp Pendleton then it's another 50 or so miles of houses until you reach San Diego, I forgot there are barren hills close to the base, big signs that say watch for people running across the freeway (illegal immigrants running to a BETTER LIFE) another sea of houses. Of course bumper to bumper traffic 24/7. And then there is Tiajuana and we won't discuss that, but they do have a Walmart, Home Depot and a COSTCO and Smart & Final (a Costco type store) Sorry California has got everyone beat by 100's of miles. Come join us, everyone else has, hindus, chinese, filipino's, mexicans, middle easterners, india'ns, africankers, pacific islanders, austrialians, Brit's, french, russians, carribean islands, spaniards, probably eskimo's peruvian indians too. I have probably heard every language on earth and find it refreshing to hear english, but it is rare and probably sounds like farsi or talagog (whatever) to anyone who doesn't know it. Probably 60 percent of the state. So all you jealous people out there, don't be.
What best exemplifies the housing bubble? The fact that the previous poster's rant about Sacramento and CA is no longer isolated. Places like the Carolinas, suburban Maryland, Austin, Des Moines, Madison, Peoria, Utah County, ... they're all changed forever.
On a positive note, Utah County (Provo) could use a few more cars parked on lawns, pit bull fights, pregnant 14 yr olds, Virgin Mary car decals, and abandoned retail lots. That would make that place seem a little less like Stepford.
Utah County (Provo) could use a few more Virgin Mary car decals
Gee, thanks for the diet coke through the nose moment on top of my brand new Mac keyboard.
San Francisco has been ruined by high housing costs. Unless you're a trust fund baby or a Google lottery winner, you haven't a prayer in hell of buying here for anything close to the 2.5x annual salary formula.
Hubby and I are moving out. We came here hoping to make it our 'home' (I'm a native), but the previous poster who mentioned the filth, bums and gangs nailed it. This city has been run into the ground. I can't wait to leave.
-PM
Too bad you limited it to cities. Many tiny little phony charming towns where the only financial activity is a bank, scads of shithole realtors, and a few la di da shops. Lot of coastal New England is like this. Anyway, the peasantry in these towns, have come to belive they are now real estate wealthy because their tenth street back from the water homes have risen in value. These saps are buying from each other with borrowed money something the wealthy would never do.
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