May 15, 2008

"It may be gloomy in Florida, but it's great here"

I don't doubt that the housing crash is less severe in places like Kentucky, who didn't see the insane run up in home prices like they did in Phoenix, Miami, San Diego etc.

But the Great Unwinding, the crackdown on fraud, the inability to get a no-down, no-doc liar's loan mortgage, and a return to sanity and the fundamentals is affecting every market in America. Every market. Kentucky - got some bad news for ya. You're not that different.

Group says Central Kentucky home sales down 16 percent

Members of the Lexington-Bluegrass Association of Realtors sold 835 properties in the first quarter of 2008, the association said, but that total was down 16 percent from the same period of 2007.

The median sales price -- half of all sales were for more and half for less -- declined 1 percent for the 2008 quarter and dropped 5 percent in March 2008, versus the same periods of 2007, the association said.

17 comments:

Rom said...

Another smart woman telling the idiot guy what an idiot he is because Suzanne, sorry I mean Jane, told her it was OK.

Ohio Loan Officer said...

But all the other moms at her kid's school are getting new homes in the new subdivision. We got to get one too!

Oh, and the mini-van is two years old; all the other moms are driving those new crossovers.

And you wouldn't believe the scandal at the elementary school--- little Emily's mom was wearing LAST YEAR'S PRADAS!!!

I volunteer a couple hours a week at my kid's school and this is the kind of gossip I hear from the moms all the time.

America is Dead said...

Hillbillys for Hillary!

How about a shot and beer?

Great Americans.

keyser soze said...

I love Kentucky - fast women and pretty horses.

dopes said...

Makes sense that you'd show commercials like that in a place that only graduates 25% of their children from high school...

DOPES!!!

kymba said...

Sales up, sales down--who cares? Let's talk cash flow. We just bought 27 acres and a fixer-upper in Central KY and our mortgage payment is under $450/mo.

BTW dopes, where'd you get the 25% statistic? Our graduation rates are nowhere near that low.

devestment said...

Is bluegrass something you smoke?

Anonymous said...

WOW!!

A 1% drop in price.

Holy shit is this all you have left Qweefie? 1% price drops in middle of nowhere Kentucky.

Anonymous said...

kymba, why not just say what you paid for it? Otherwise, I don't see how anyone can say whether or not this is a good deal.

kymba said...

The purchase price was $80K.

Anonymous said...

Just like the Mercedes commericals...

Buy it, you deserve it!

Isn't make believe wonderful?

Mammoth said...

$80K might buy an acre here in Kitsap County, on the west side of Puget Sound.

Congrats Kymba!

Plant some fruit trees, some blueberries and put in a garden, get some chickens and you'll be on your way.

Chris said...

I'm sure that the data shows the most stable real estate markets are the ones with the highest percentage of fixed-rate, full-doc loans made to borrowers combined with a stable or growing job base. Bet those areas didn't have ridiculous price runups which makes houses relatively affordable. Perhaps central Kentucky is one of those places, or almost one of those places.

Anonymous said...

I live in the Kentucky state capital and you can get a 3 bed, 2 bath 1400 sq ft house for around 140-150k. Prices have come down a little but it never got crazy in the boom times. Lexington and Louisville did go overboard though not to the extent of Florida or California.

There was an article in the Lexington paper a few weeks about many of the new downtown condos are empty and sold to-wait for it- investors. Who in the hell would invest in Lexington condos as the weather isn't good and there isn't much to do there or anywhere in Kentucky.

Out at the peak said...

A 1% drop for a non-bubble state could be the start of a bigger trend. (I've bet money on it.)

A 1% drop is equivalent to a 5.5% drop as wage inflation is 4.5% (in my circle) this year.

shtove said...

Crackdown on fraud? Haven't seen much of that.

Andrew Hac said...

Oh, Lord... Have Mercy on the soul of the poorly raised Americano. It is not their intention to be stupid. They were just born that way !

-----

This nation and most of its citizens, residents, dwellers, occupants have no ethic, no moral, no responsibility, no duty, no honor, and last but not least, no brain. What it has in plenty is greed, self-centerness, self-righteousness, ignorance, pompousness, lust, materialistic craze. An Easter-Island society comprising of no family value, no respect or caring for the world and the land they live in, the surrounding environment, no caring, husbandry for the long term future

The housing bubble is a shiny mirror in which the Americano can look at itself and ponder upon what may the future brings upon this land of the Snapper Turtle AKA the land of the Skunk.

A nation that mostly comprises of wallowing, scaby pigs feeding, tearing, roosting, chomping at the trough.
A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee.
A nation where a Walmart cashier can buy a house for $500K.
A nation in which its citizen's brain IQ is lower than a snapper turtle.
A nation which rules by turkeys, skunks, and rats.

The Americano nation is as toasted as a roasted armadillo skewered from mouth to ass sizzling, fat popping, juices oozing with melted golden fat over a bed of white hot charcoal.

::: Yummy grilled Snapper Turtle :::
::: Yummy roasted the Americano nation and the Housing Bubble :::