Someone wake Lawrence Yun, Connie De Groot, Leslie Appleton-Young, Nicholas Retsinas, Greg Swann, Mike Norman, Tom Adkins, Kendra Todd and the rest of the pumpers up. They're gonna have to figure out a way to spin this one...
S&P: Home prices drop by record 15.8 pct. in May
Private housing index shows home prices dropping by record amount nationwide in May
Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.
The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.
Here's a list of the 20 cities in the Case-Shiller index with the annual decline through May:
Las Vegas, down 28.4%; Miami, down 28.3%; Phoenix, down 26.5%; Los Angeles, down 24.5%; San Diego, down 23.2%; San Francisco, down 22.9%; Tampa, down 20.2%; Detroit, down 17.4%; Washington, down 15.4%; Minneapolis, down 14.8%; Chicago, down 9.4%; Cleveland, down 8%; Atlanta, and New York, both down 7.9%; Seattle, down 6.3%; Boston, down 6.2%; Portland, down 5.2%; Denver, down 4.8%; Dallas, down 3.1%; and Charlotte, N.C., down 0.2%.
July 29, 2008
FLASH: S&P Case-Shiller index shows a 16% crash in US home prices. Down 28% in Vegas, 28% in Miami, 27% in Phoenix, 25% in LA, 23% in San Diego & SF
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I have lost everything I have worked for the past twenty years.I am homeless bathing at my local carls jr.I can't even find work at the local burger joints.
Any suggestions?
Doughboy toast, wife split, home foreclosed and Suzanne got paid
Las Vegas, down 28.4%; Miami, down 28.3%; Phoenix, down 26.5%; Los Angeles, down 24.5%; San Diego, down 23.2%; San Francisco, down 22.9%; Tampa, down 20.2%; Detroit, down 17.4%; Washington, down 15.4%; Minneapolis, down 14.8%; Chicago, down 9.4%; Cleveland, down 8%; Atlanta, and New York, both down 7.9%; Seattle, down 6.3%; Boston, down 6.2%; Portland, down 5.2%; Denver, down 4.8%; Dallas, down 3.1%; and Charlotte, N.C., down 0.2%.
But it is DIFFERENT here!
Thems some sick numbers
Nice spin Keith, but the rate of decline has now slowed for the second straight month. Not good (at least for me as a renter)...
Extreme Makeover house was HELOC'd and foreclosed. LOL
http://news.yahoo.com/s/ap/20080728/ap_en_tv/tv_extreme_makeover_foreclosure
Hi Keith,
I remember reading this blog starting back in mid-2005 and being blown away by what you were writing, and scared shitless. I sent it off as a warning to family only to be told it was too alarmist. You were right, about way too much. Keep up the great work. Wish I had enough cash back then to buy more gold....
still those places are not worth half of todays asking prices
But Phoenix has year round golf!
16% CRASH MEANS THAT 32% OF GAIN JUST DISAPPEARED...
DOPES!!!
NEWS FLASH:
Suzanne runs for Senate seat...
PLEASE keep showing the Suzanne comercial over and over. I just LOVE watching it. Especially the end when Doughboy drunkingly slurs "didja see that garage"?
Doughboy probably hanged himself in that garage the day before the house was foreclosed upon.
Great job Suzanne!
Has anyone alerted the US taxpayer that he will have to bail out the latest Libertarian mess?
Clinton deregulated home mortgages & the financial sector when he erased the Glass-Steagal bill. Now the bill for deregulation is coming due.
Ronald Raygun deregulated the S&L's. It cost the US taxpayers hundreds of billions of dollars.
And the biggest Libertarian fiasco, the 1929 Stock Market Crash (though the Libertarians were calling themselves Laissez-Fair Capitalists back then).
How many more of these Libertarian disasters can the US taxpayer afford?
LOL -- FDIC now in the mortgage business:
http://tinyurl.com/6yg2p8
Paulson's latest scheme is to have his buddies at BoA, Citi, JPM, and Wells fargo issue covered mortgage bonds (no one else will), and here's the kicker:
"The F.D.I.C., which takes over failed banks, promised to respect the terms of the bonds, so that bondholders would be repaid from the value of the mortgages, even if other bondholders in the failed bank suffered major losses."
"Respect the terms of the bonds"? Translation: Don't worry guys, the taxpayers have your back.
Assholes!
Can you at least claim a place
of (some) residence?
You'll need that when filling
out your job application.
ticking timebomb said...
I have lost everything I have worked for the past twenty years.I am homeless bathing at my local carls jr.I can't even find work at the local burger joints.
John,
This listing wasn't special bro you couldn't do this!
RayNLA
So ... with residential realestate prices plummeting (and those of commercial following suit), just who is this bail-out supposed to really help?
One thing is for sure, it's going to make life alot tougher for many more people in the months/years ahead.
We're essentially throwing money at this economic crisis like we are the war - and we all know how successful the "war on terrorism" has been so far.
ticking timebomb said...
I have lost everything I have worked for the past twenty years.I am homeless bathing at my local carls jr.I can't even find work at the local burger joints.
Any suggestions?
______________________________________________________________________
Call Suzanne!
And D.C. has all the Government & all the jobs...
buuttt, buttt, buttt
and they are still building in NoVA like there's no tomorrow!!
But Phoenix has year round golf!
And nearly year-round water!
Do you think the the honchos at the Century 21 corporate office wake up every day and wonder why they let "Suzanne" out of the box? If your disintermediation prediction comes to pass the point at which realtors crossed the Rubicon will be traced back to that commercial...
35% further decline in Los Angeles coming.
http://findingbottom.blogspot.com
Here's another guy who "gets" it...he's been saying the exact thing many of us feel
http://www.redlasso.com/ClipPlayer.aspx?id=42cb0a65-9369-4676-94b4-9fbc5ac55f99
The video that just keeps on giving.
Suzanne for president.
We can do this!
Wife split and is now working the strip clubs with Suzanne.
Anyone interested in how the banks will play the Housing Bailout should look here:
http://www.ocregister.com/articles/camile-house-mortgage-2104411-fargo-wells?ref=patrick.net
Those of us worried the Bill will prop up absurd housing prices will be shocked. The banks are already setting up false sale prices to prepare for the "Current Market Appraisal" clause in the Hosing Bill.
Contact Wells Fargo at:
https://www.wellsfargo.com/about/contact_us
And your Reps at:
http://www.usa.gov/Contact/Elected.shtml
We have to stop this or those of us hoping for a return to reasonable housing prices will be screwed again. Expose this to the light so roaches like Wells Fargo will scurry for the shadows.
PS, I claim "Hosing Bill" props.
But Kendra Todd said Bubbles are for bathtubs and real estate never goes down in value!
One can only hope tubby was a paid actor and that this really didn't happen to him!
LOL out loud.
selective editing as usual qweefie
how about the paragraphs where it says 9 cities showed SMALLER declines than compared to 2007?
2001-2006 real estate booms
2006 - 2009 real estate crashes
2001-2006 gop controls govt
2006-2009 demoRATS control govt
nov 2006 gas = $2.25
july 2008 gas = 4.50
KEEP VOTING DEM
Being homeless can be fun! You can bathe in the restroom sinks of fast-food joints, forage for food in dumpsters, and camp out in parks and under bridges. Who needs Suzanne?
We can do this!
Hey guys, stop all your worrying about housing crashing. With prices bottoming out, you'd better buy now before it's too late. To learn more check out my website: www.realthores.org.
It's getting ugly out there:
Fayed and her husband, James, operated EBullion and Goldfinger Coin and Bullion, business records show. The company with an office in Camarillo claims to be one of the larger Internet gold traders.
According to Ventura County court records, James Fayed sought to divorce Pamela Fayed last October. They also have a child.
The attack occurred about 6:30 p.m. Monday at 1875 Century Park East, an upscale building that houses law firms, financial institutions and entertainment businesses.
Fayed, who was stabbed repeatedly, screamed for help, witnesses told investigators. She was taken to a hospital, but Sohn announced about 8 p.m. that Fayed had died.
http://tinyurl.com/56psz8
I have lost everything I have worked for the past twenty years.I am homeless bathing at my local carls jr.I can't even find work at the local burger joints.
Vote for the Messiah Hussein. He'll wave his magic wand and then unicorns and rainbows will show up and everything will become tip-top in America.
Buh buh buh I thought that it was different in San Fran and Seattle. You guys even have gay marriage and amazon.com there. What happened?
DOPES
Has anyone alerted the US taxpayer that he will have to bail out the latest Libertarian mess?
Can someone inform the socialist idiots that it was their socialist programs that created this mess? The Federal Reserve, GSE's FHA and the rest of the socialist scams enabled the ponzi scheme and now the socialist politicians are going to "fix" the problems with more socialist bailout scams that lead to bigger problems. A libertarian would let the banks and FB's die on the vine for their stupidity. The socialist idiots promote more stupidity by bailing out the scammers. If regulations can prevent bubbles, then why is Europe's housing bubble worse than America's? You socialist idiots should be happy since they are expanding your socialist programs Fannie Mae, Freddie Mac and FHA and the Federal Reserve is gaining more power. You now have an economy that is centrally planned just like the USSR
I'm seriously confused. I posted the Case-Shiller numbers, and some trolls accuse me of editing? Because the declines are slowing down or something?
Man, that's some tough spin. Good luck with that.
30% drops in real estate values in some towns in a year is absolute and total financial armageddon for those stupid enough to have bought during the bubble. Or who refi'd thinking the gains were real.
The bubble will be washed away, and then some. And you'll tell your kids' kids about this one day.
Hopefully they will have learned. Never trust a realtor, and it's ALWAYS about the fundamentals stupid.
QUOTE:
"Has anyone alerted the US taxpayer that he will have to bail out the latest Libertarian mess?
Clinton deregulated home mortgages & the financial sector when he erased the Glass-Steagal bill. Now the bill for deregulation is coming due.
Ronald Raygun deregulated the S&L's. It cost the US taxpayers hundreds of billions of dollars.
And the biggest Libertarian fiasco, the 1929 Stock Market Crash (though the Libertarians were calling themselves Laissez-Fair Capitalists back then).
How many more of these Libertarian disasters can the US taxpayer afford?"
END QUOTE
I can't imagine a more ignorant or mis-informed post being submitted for quite some time.
Bill Clinton, a Libertarian ?
Enough said.
i still can't find a decent house in a nice (read less than 20% of residents are illegals) neighborhood for under $750K. if this is the result of the great housing crash, big effing deal. i still can't come close to affording a house.
"i still can't come close to affording a house."
You'd better buy now at the bottom, or you'll never get in.
I have to say that Bill Clinton was right...the whole Obama thing is a fairy tale.
For Ticking Timebomb:
Since you have to eat, go to a diner sit down order a cup of coffee for breakfast. Try to position yourself near a family with children. Sip your coffee until the family leaves. Then, quickly go to the table with the kids uneaten breakfasts, take it to your table and enjoy. (This works for all meals if you are reasonably persentable).
oh man! Los Angeles ain't seen nothing yet when it comes to price declines.
there are still a lot of people who cannot afford the houses they live in,most of them are close to trowing in the towel.
it's alot worse than so people think it is out here.people can't even qualify for a 250k fixer upper in the valley which is at least 200k lower than last summer.
Suzie and this blog's wife are now hookers, strung out on drugs living in a sleazy Vegas hotel.
Anon 4:16,
"Libertarian fiasco"?? Are you out of your mind? Every single one of those examples was the result of prior regulatory failures:
1. 1929 stock market crash was the result of prior FED monetary pumping in the 1920's . . . unless you believe stock prices are like hyperbolic trees that can grow to the sky and never crash.
2. 1980's S&L collapse was due to prior regulatory protection of the S&L's that made S&L's inefficient. When home buyers could find less expensive loan sources, S&L's were in trouble.
3. The problem with Glass-Steagal was not whether there should be a separation between commercial banks vs. investment banks . . . but rather whether there should be blank-check bail out of any bank at taxpayer expense at all. By expanding that blanket of protection to include investment banks also at taxpayer expense, the removal of the distinction was in effect an expansion of regulation, not contraction of it. More pigs are now at the trough feeding off the tax revenue and forced acceptance of the worthless paper money . . . both are anathema to libertarianism.
All three instances, government intervention made the situation even worse:
1. 1929 "depression" would have been a garden variety "depression" (until the 1930's, "recessions" did not exist in the lingo, all economic creative destruction episodes were called "depressions") that would have been short-lived, just like the 1920 "depression" before it, and the 1907-08 "depression" before that. Hoover's government committees and public works programs exacerbated the problem. FDR, despite running his presidential campaign on a platform of repealing Hoover's big government interventionimsm, launced an even bigger government . . . the result was prolonged econmic depression but euphemisticly called "stagnation." The economy was in decline by 1935-1937 despite all the government effort to debase the unit of count in order to make the numbers look better in dollar terms. FDR eventually had to shift public attention to war, just like Hitler did when the latter's Keynsian big government program failed. Hitler's programs emphasized big public works programs and national healthcare . . . sounds familiar? Persecuting the Jews and waging war on just about everyone else came later when all the big interventionist programs failed . . . Jews and everyone else who had any real money were starting to flee the country. Of course, Nazi propaganda's claimed that Jews hiding money in Swiss Bank Accounts and avoiding German taxes were unpatriotic . . . sound familiar?
2. S&L would have meant a few failed thrifts instead of hundreds of billions of dollars at taxpayer expense if the government did not try to bail out the industry.
3. The current housing fiasco would never have gone as far as it did if not for:
(1) FED wanton monetary printing of in 2001-2004; regulators' explicit encouragement of adjustable rate mortgages in 2005 just goes to show why regulation doesn't work: if regulators were clueful sages that the government worshippors presume them to be, they would have been billionares in the private sector instead of taking up public sector jobs.
(2) Fannie and Freddie were literally buying off politicians, both in extending sweet-heart loans to politicians directly, and by wholesale lax lending standards in key politicians' districts. What were they after? government guaratee of robbing taxpayers at gunpoint to make Fannie Freddie whole!
"...the Messiah Hussein. He'll wave his magic wand and then unicorns and rainbows.."
Why do you even post the lame stuff, Keith?
Yeah but here's what your honey, Diana Olick emphasized on CNBC this morning:
"Home prices fell 0.9% in May compared with April, although seven of the 10 cities showed a month-to-month increase, which David Blitzer of S&P termed a "possible bright spot." The pace of the monthly decline has slowed for three months in a row, having peaked at 2.6% in February."
----------------------------
Add to that, the NAR figures showed a month-over-month *increase*.
I know mo./mo. means nothing, but still that's what your crush keeps emphasizing.
Guess it's time for ya'all to buy now or be priced out forever.
HAHAHAHAHA
HEY KEITH,
Check out those CAR numbers!
Santa Barbara county down about 55%from peak 2007!
Monterey county down about 55% from peak!
Riverside down about 37% from peak!
These numbers are horrific and will continue for a long time. As I have always stated, I suspect Inland Empire will collapse to around $155,000 med. around Dec. - Feb. If all calculations are correct, $157,770 will be reached by Dec. 2008 out here in the Inland Empire which will account to a 62% haircut off peak value!
This is an absolute catastrophic fall in values yet the bottom would still not even develop. Who knows when this market will actually level off around here. I am suspecting around 2010-12. before we get close to calling a bottom.
The RE market out here is in absolute shambles. The listings on the MLS are constantly being cycled as if homes were selling in mass, but most houses that move off the MLS are suspiciously still available. The open houses are dead and the REOS are stacking up.
The most disturbing news that I am hearing is that people are getting fed up with paying $2,000 + mortgages (30 year fixed) while they see new neighbors moving in paying half the price. I suspect a massive revolt will begin some time next year which amount to a deluge of walk away inventory.
ICEMAN
Well, if I was in your position, I would continue to rent - you're way better off.
Prices are no where near where they will be heading.
Don't get anxious, just be patient, and don't buy into the "hurding instinct" that trapped so many borrowers across all income brackets.
Anonymous said...
i still can't find a decent house in a nice (read less than 20% of residents are illegals) neighborhood for under $750K. if this is the result of the great housing crash, big effing deal. i still can't come close to affording a house.
Hey Keith,
Check out this POS listing on MLS for city of Riverside. 5243 ODELL ST RIVERSIDE CA 92509.
Sold for $315,000 in 2007 and now this dump is listing for around $69,000. We are looking at a 78% WIPEOUT!!!!!!
Just thought you guys would have a laugh at this one.
ICEMAN
Add to that, the NAR figures showed a month-over-month *increase*.
Yes, because we can trust THOSE numbers.
OMFG.....
Has anyone alerted the US taxpayer that he will have to bail out the latest Libertarian mess?
Can someone inform the socialist idiots that it was their socialist programs that created this mess?
---------------------------------
Deregulation was a SOCIALIST idea.
Who knew?
I guess that makes Ronald Reagan a SOCIALIST.
Who knew?
TRUST ME....buy real estate NOW before it is to late. Lending will be harder than ever!!!!
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