Thanks to blownmortgage, here's Angelo's list of housing hurricane "Category Five" markets, with hundreds more to look through.
I doubt Greg Swann wants you to see this report, with Arizona having (according to Countrywide) the worst real estate markets in the country. I'd say this is probably pretty accurate, as Countrywide is getting destroyed on mortgage-fraud-fueled loans it made in Arizona, California, Florida, Nevada and more.
Enjoy! (pdf document)
AZ Mohave Lake Havasu City-Kingman, AZ 5
AZ Maricopa Phoenix-Mesa-Scottsdale, AZ 5
AZ Pinal Phoenix-Mesa-Scottsdale, AZ 5
AZ Yavapai Prescott, AZ 5
CA Merced Merced, CA 5
CA Stanislaus Modesto, CA 5
CA Riverside Riverside-San Bernardino-Ontario, CA 5
CA San Bernardino Riverside-San Bernardino-Ontario, CA 5
CA Monterey Salinas, CA 5
CA San Joaquin Stockton, CA 5
FL Volusia Deltona-Daytona Beach-Ormond Beach, FL 5
FL Broward Fort Lauderdale-Pompano Beach-Deerfield Beach, FL 5
FL Miami-Dade Miami-Miami Beach-Kendall, FL 5
FL Collier Naples-Marco Island, FL 5
FL Charlotte Punta Gorda, FL 5
FL Manatee Sarasota-Bradenton-Venice, FL 5
FL Sarasota Sarasota-Bradenton-Venice, FL 5
MI Genesee Flint, MI 5
NV Carson City Carson City, NV 5
NV Clark Las Vegas-Paradise, NV 5
NV Storey Reno-Sparks, NV 5
NV Washoe Reno-Sparks, NV 5
February 05, 2008
Kinda funny but probably accurate: Here's Countrywide's secret "riskiest housing markets" report. Not looking good in Arizona, Nevada and California.
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17 comments:
No surprise there. Arizona was clearly the poster child of this whole fake mortgage bubble.
People will argue that it's Nevada, California, Miami, etc., but believe me, you don't know the meaning of fake money and living on bogus credit until you've spent some time in Arizona.
All of those places thought it was funny when New Orleans or Detroit was in a depression, now it's their turn. How come you're not so smug now California? Come on, show me smug one more time for old time's sake.
yay. i live in a category 4, maybe one day soon the dream of homedebtorship will become mine.
which brings up a funny dichotomy:
Why do politicians express such an interest in propping house prices up?
Wouldnt it be smarter to support housing becoming affordable for their citizens so that they can actually have some disposable income to juice the economy?
Hmmmmm.
Let's see. Most of the Bay Area only a 2?!?!
Columbia MO was rated as a 1 yet I bought there in 1/02 (120,500) and sold 07/05 (185,000) for more than I would have paid myself...I almost had a hard time keeping a straight face when the Realtor told me what she would list the house at. (197,500)
Yeah...I know...no huge windfall as I did put some money into the house...but I believe I set a record for a 1400sf house in that town.
I now see that I can get quite a bit more for my money there and they are still building building building from what I hear from friends back there.
When will prices drop in Gilbert/Scottsdale??? Never?
Anyone?
Tragic to see the Central Valley of California destroyed.
It is getting dangerous in these once Farm Towns, now foresclosure capitals at night.
Yuppie FAT wives trolling for new revenue streams including spouses.
A cartoon character Governor (Arnold), a ignoramus President (Bushco)
Good Luck and Good Night!
America is Dead
Did they use the Category 5 hurricane warning system intentionally?
CFC is a Cat 6
Santa Maria, CA is never mentioned anywhere on any sites... its in Northern Santa Barbara County, if you don't speak spanish you will not find a job here. But really crappy houses still being sold for $300,000 ... everyone says the weather here is really nice, my ass, its really cold here... if you go to Pismo Beach, make sure you have a sweater (or coat!) on! ... foggy cold summers. Town is very backwards, like stepping back in time, progress is not wanted nor allowed. I'd leave if I could. This is a 3rd world country in the good ol' USA. Oh and the WalMart here smells like sh#t when you first walk in the store because the bathrooms are in the front and the immigrants do not care what they trash.
Countrywide had their own "appraisal" affiliate. Who would have thunk it...
http://www.star-telegram.com/105
Interesting to see my hometown (Tucson) at the top of the "Category 4 storms".
Asking prices were really dropping for a while according to housing-watch.com, but they have been flat for months now.
I still continue to see the same old empty houses for sale in my neighborhood. The one next door has been empty for over a year now. He has slowly dropped his price and now he is dangerously close to either doing a short sale or walking away I'd imagine.
I can't wait to see the carnage this spring!
"Why do politicians express such an interest in propping house prices up?"
-------------------------
High House prices = High Property Taxes
Low (i.e. affordable) House Prices = Budget Shortfalls.
You see, while Real Estate was going through its unsustainable growth in prices, the public sector was going through its unsustainable growth in spending.
While the former has arubtly reversed its course, the latter is incapable of doing so.
-Mammoth
The number one spot listed in AZ experienced a 50% price increase over a 6 month period. I remember talking to builder reps, appraisers, realtors etc. during 05-06. They were in absolute denial and angry at the mention of a bubble.
One real estate firm that cropped up there was named Rising Bid Realty, talk about denial! The area located between Lake Havasu and Kingman is Bullhead City. The Bullhead City/Fort Mohave area is located next to Laughlin, NV (Vegas JR).
They have built thousands of homes for a population that makes chump wages at the casinos with the expectation that baby boomers will retire there. This place has to lead the nation in unoccupied homes and foreclosures per capita.
The Orange One got it right with this list.
NPR on mortgage fraud in Las Vegas:
http://tinyurl.com/2a9rk7
Oh sh*t, DC is level 4. But I keep hearing about how DC is relatively immune from housing downturns because of all the government jobs. Of course, the people who say that fail to mention that those government jobs can support house prices at about half (or even less) than what the current prices are.
My county's listed as a 4. I guess for Florida, that's a stellar score.
BWAHAHAHA! You fools that live in those hurricane force drops in home prices....er wait...oh shit, I live in one of 'em.
Frank you are so right. Fake money (and body parts) and maxed out credit cards are the norm here in Phoenix. People always asked my husband and I why we lived where we lived (very small house bought before the bubble and never 'upgraded) and drove what we drove (you know, why not a Beemer or nicer car). Now who feels like a smug bastard? Me!
God I am SO glad I listened to mom (for once) and didn't become 'house poor,' even though I did have house envy during the big price boom.
Weee my hometown is a 4! Here is hoping to reach elite status as a 5 soon!
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