January 11, 2008

Miami, Vegas, Detroit, Phoenix and Naples lead "worst real estate markets 2008" list. Gee, that's what we've been saying all along!

Rank Real Estate Market 2008 Forecast
1. Miami, FL − 15.2%
2. Las Vegas, NV − 14.6%
3. Detroit, MI − 13.6%
4. Phoenix, AZ − 13.2%
5. Naples, FL − 13.2%
6. Anaheim , CA − 12.9%
7. Los Angeles, CA − 12.8%
8. Palm Beach, FL − 12.4%
9. Atlanta, GA − 12.3%
10. Boston, MA − 11.7%
11. San Diego, CA − 11.3%
12. Fresno, CA − 10.9%
13. Indianapolis , ID − 10.7%
14. Dewey Beach, DL − 10.7%
15. Sacramento, CA − 10.4%
16. Cambridge, MA − 10.3%
17. Reno, NV − 10.2%
18. Fort Lauderdale, FL − 10.1%
19. Andover, MD − 10.1%
20. Lawrence, MI − 9.5%
21. San Jose, CA − 9.1%
22. Bakersfield, CA − 9.1%
23. Portland, OR − 8.9%
24. Grand Rapids, MI − 8.9%
25. Orlando, FL − 8.5%

39 comments:

Happy Homedebtor said...

Ummm...Keith? There's no such thing as Andover, MD - I live in MD. We have *Landover*, MD - and there's Andover *MA*...which is it?

Anonymous said...

YAY!!!! i am a bubblesitter in #12 on that list....just stacking up worthless dollars and ready to buy in a few more years once reality has fully kicked in.

born to lose said...

Orlando made the top 25! We have only just begun, look out Andover we're coming for you!

Detroit is awesome, they didn't even have great a price run up and still ranked 3rd in the nation.

Still this ranking system sucks, we need a playoff.

keith said...

Buy Phoenix home for $500,000 last year

Lose 13% or $65,000 in 2008

8% selling fees of $40,000

= $105,000 loss first year, even before taxes, insurance, homeowners fees and expenses

Should have rented. Shouldn't have listened to realtors on commission calling bottom

Anonymous said...

seattle should be on that list

Anonymous said...

happy homedebtor- i believe it's Bendover, MAss.

happy homeowner in the stix said...

My city's not on the list!

I demand a recount!!! ;)

Malcolm said...

I’m from the Detroit area, so I have a long-time (and first-hand) knowledge of what has happened here.

Detroit is a microcosm of what is happening to America as a whole. If you want to see the future of America (if things don’t change), look at the history of Detroit.

Detroit is an example of the vicious cycle that can happen when there is a hiccup in the economy; when wages and social programs outpace the ability of business to keep up with them.

Start with a functioning city. - - Remove a few major businesses. - - This reduces the tax base in the city - - which causes a reduction in city services - - which causes more businesses to leave.

If this happens long enough, you wind up with Detroit, where we have entire neighborhoods of abandoned buildings just rotting away.

The city doesn’t have the money to tear them down; and no business wants to come to a town that looks like an American Baghdad.

The people have a dull look in their eyes. They continue on, because the only other option is death; but they’re adrift, just waiting for another shoe to drop.

The politicians get elected on promises to “turn the corner”, but the corner remains unturned. Every few years we hear of a building going up that’s going to “rejuvenate the city”; but we dig ourselves further and further into the hole.

Examples:

http://static.twoday.net/mahalanobis/images/detroit2.jpg

http://reliques.online.fr/detroit/united1.jpg

http://cache.gridskipper.com/assets/resources/2006/11/bookdepository.jpg

http://www.11235813.com/ruins/P1010009.JPG

k.w. - southern, ca. said...

RealEstate should never have become speculative.

Now we know why.

Anonymous said...

Why isn't the inland empire on that list? I realize there covering major cities but aren't San Bernardino and Riverside major cities?

Ed said...

This is impossible. Atlanta is ranked #9. But as everyone keeps telling me Atlanta is different. The AJC (Atlanta Journal Constitution the local Democrat run and paid for rag) keeps telling me, Atlanta's r/e market is fantastic. Now is a great time to buy I read day after day.

I get a flyer evert day from one realtor or another saying now is the greatest buying opportunity ever known to mankind.

So maybe the other 19 cities may have a correction, but no way Atlanta.



debtisslavery.blogspot.com

Anonymous said...

Glad I decided to rent when I moved to Phoenix in 2005.

Was told by everyone "Why rent?! You are just throwing your money away!"

EEK

Mr Jay in Mass said...

Keith,
It is Lawrence Ma and Andover Ma Not MD and Mi the article copied its own onfo wrong . I work in Andover and live right next to Lawrence. Tons of foreclosures in Lawrence already

born to lose said...

Malcolm said...

"Detroit is a microcosm of what is happening to America as a whole.

The people have a dull look in their eyes. They continue on, because the only other option is death; but they’re adrift, just waiting for another shoe to drop."

Sounds like America is going to become the Trailer Park down the street from my store.

USA! USA! USA!

Frank@Scottsdale-Sucks.com said...

Was told by everyone "Why rent?! You are just throwing your money away!"

Phoenix is the one place above all others where your "worth" is judged by whether you "own" or rent. Pathetic insecure little people.

Should have rented. Shouldn't have listened to realtors on commission calling bottom

Be careful, a certain someone will start shouting that Phoenix cannot crash because Honeywell has a few thousand employees there ... LOL

Anonymous said...

Frank your comment is only valid for the vapid superficial crowd you were trying to be part of in your failed attempt at living here!

you failed here because you are superficial and hung out with like minded people- you did not become part of the NORMAL majority so you ran crying back to of all plaaces california---you DUMMY where in the world do you think all those
"pathetic insecure little people" came from? BINGO! CALIFORNIA - they certainly were not AZ natives -
you pine on about how shitty Scottsdale became in the 2005 boom where do you think all those assholes that turned our city into what it became come from? BINGO CALIFORNIA.

dummy

Malcolm said...

Ed Said...

>Sounds like America is going to
>become the Trailer Park down the
>street from my store

Don't knock Trailer Trash. In many ways, it can be much wiser than some of the home "deals" I've seen.

Anonymous said...

Frank,

You are a slow one dude. Nobody is saying housing isnt crashing in PHX. What you keep saying is that only jobs there are low wage or REIC jobs. The thousands of Honeywell, Intel, etc jobs there make that claim false.

Understand now?

And what kind of loser leaves Scottsdale because it is superficial and moves to California to get away from it?

It's like you left Chicago because you hated the cold and moved to North Dakota to get away from it.

Like I said you are a slow one.

Zig Ziglar said...

You are a slow one dude. Nobody is saying housing isnt crashing in PHX. What you keep saying is that only jobs there are low wage or REIC jobs. The thousands of Honeywell, Intel, etc jobs there make that claim false.

Understand now?

Keep in mind that you and your company can hire Frank as a world expert sales/marketing/management trainer.

Give him 1 hour with your employees and watch employee productivity go through the roof.

eric in vegas said...

Aw yeah Vegas is burning.

Anonymous said...

Dang it Keith where is D.C - we used to be top 10 too!!

sure glad I dols in 06 & rent now from a Floplord! :)

keith said...

Not my list - DC would be there for sure and Sacramento might be #1 if it were

What's your top 5?

happy homeowner in the stix said...

Be careful, a certain someone will start shouting that Phoenix cannot crash because Honeywell has a few thousand employees there ... LOL

Never said that, doofus, and no one else here did, either.

DAMN, boy, for an "international best-selling author", you can't read worth shit, can you?

Anonymous said...

I don't see San Francisco, Seattle, New York, or Washington DC on your list. We're different.

Anonymous said...

Delusional TXchick will be upset. Dallas didn't even make the list. Poor thing. :(

keith said...

IT'S NOT MY LIST!!!

It's not bad. But it's not right.

Few cities are missing that should be there. And the %s are too small.

Uncle Jerry said...

Re: Anonymous v. Frank.

I was born in Los Angeles and live here now but for most of the '90s I lived in Phoenix. One thing that is true for both places and probably every other metropolitan area in the world is that there a$$holes and phonies everywhere but there are also a lot of cool people out there too. Scottsdale has it's blonde, boob job trophy wives and California has the "Real Housewives of Orange County." But it's like going to the zoo you can observe the animals but don't try to play with them.

Frank obviously has issues with Scottsdale because they did not want to play with him otherwise why care.

Also like attracts like so if you think there are nothing but social climbing phonies in the world take a look in the mirror and ask if there is a phony looking back at you.

But slamming California as a shallow La-La land is a very tired media created cliche and we all need to get past all of the narrow minded media reinforced cliched thinking if we are going to get this country back on track.

And Frank--Let it go man. You don't even live there anymore. I don't like broccoli but I don't have a blog about it, I just don't eat it.

bitterrenter said...

I love the posts blaming democrats, social programs and other liberal entities for the decline in America.

Guess they forgot which ideology has run this country for most of the last 30+ years. But it's easier for the small intellects to believe in the dog-eat-dog selfishness they voted for.

I have no kids, no debt and no worries. Let it collapse, let the motherfucker burn. The people deserve nothing less.

shirt said...

"Few cities are missing that should be there. And the %s are too small."

Spot on in San Diego County. My house has lost 20% of it's value since I bought it 20 months ago. And the market was declining at the time already.

Shirt

Anonymous said...

Keith,

Riverside and San Bernardino area has to be in the top 8. This is a disaster out here, there is a total unwinding of the local economy.



ICEMAN

Anonymous said...

"Keep in mind that you and your company can hire Frank as a world expert sales/marketing/management trainer.

Give him 1 hour with your employees and watch employee productivity go through the roof."

An hour with Frank and my business would go under.

Anonymous said...

But slamming California as a shallow La-La land is a very tired media created cliche and we all need to get past all of the narrow minded media reinforced cliched thinking if we are going to get this country back on track.


---------

Dude come on don't go there. You sound like the NAR blaming the media for the housing crash. SoCal is a vapid, plastic, narcisistic wasteland. I don't need the media to tell me this. I spent a combined 3 years on and off in San Diego and Orange County and know what I'm talking about. I will give you the weather though, you cannot beat San Diego's, almost worth it to stay just for that.

Anonymous said...

Atlanta should be even higher on the list if you ask me.Pull up Atlanta homes for sale on any real estate website and you'll see that the place has tons of foreclosuses.
I live near Atlanta, and it is turning into one big shit hole. Try living in the "Pittsburg" community in down-town, just down from the stadium. I have a friend who lives near there, and the place is full of newly-built houses and flipper remods that have been trashed and stripped. All I can say is you better not have copper plumbing if your house is left empty for long. They even tear out the sheetrock to get to thecopper electrical wiring. It's getting rough and I do mean fast.

Uncle Jerry said...

Re: Anon January 12, 2008 2:23 PM-

Bering stationed at Pendelton and El Toro makes you an expert at being a Marine not an expert of the place where the base is located.

But you missed the point. Sure there are "vapid, plastic, narcisistic" people in California. What else would explain Arnie being Gov. What I'm saying is that they are everywhere. It's not just people in So Cal watching Dancing with the stars or waiting for the latest Britny update on CNN--It's a huge percentager of the population of this whole damn country and that is why we are so screwed at this point in history.

Because the "land of the free and the home of the brave" is now the land of the "vapid, plastic, narcisistic" it is down to the few people like yourself and other HPers who are not completely braindead to try to wake the sheeple up to what is going on out there.

The NAR might still be saying that all real estate is local but just as reality is disproving that lie so to does popularity of "reality TV" disprove the lie that vapid, narcisism is a regional problem contained to the So Cal Market. It's a national epidemic.

Anonymous said...

It's pretty bad here in West Palm Beach, Florida. 6 years worth of inventory at the current rate of buying...for sale signs everywhere....actual foreclosed properties with the overgrown yards and everything...something I haven't seen in a long, long time. It is going to be a long cold winter for the real estate market.

vegas crash watcher said...

The welfare state is toast and those who depend on it should suffer. I hope Vegas howls. Nothing but transplanted Clownifornian scum around here.

Mozila's going to jail, hahahaha said...

That site is a joke. Look at your entry #19, which says this: 19. Andover, MD − 10.1%

Now look at their site after I pointed out that "Andover, MD" does not exist...

They changed it...

Anonymous said...

Does anyone even live in Detroit?

If you're bored at work, dial up a sat view of Detroit on google and look at all of the vacant lots on the West side. Sometimes there are no houses left on the entire block! 12,00 empty homes still standing too.

Anonymous said...

Re: Anon January 12, 2008 2:23 PM-

Bering stationed at Pendelton and El Toro makes you an expert at being a Marine not an expert of the place where the base is located.

----

I am 2:33PM. I didn't spend 1 day in the Marines dude. Unless you haven't noticed there are tens of millions of people in SoCal who have nothing to do with the Marines.