October 09, 2008

And then even "it can't happen here" London crashed, with properties down 10% to 25% already and in freefall

Gee, what a shock.

When you could rent for a fraction of the cost of 'owning', and then your city gets hit by mass financial sector layoffs, you're looking at something dreadful. And come on, should 1-bedroom flats ever have sold for $2 million plus? London has a long, long, long, long, long way to fall folks. This will be one for the history books.

Thanks for playing London. And please take all those damn estate agents with you.

Here's the latest from my old 'hood. Sure glad I rented.

13 comments:

FlyingMonkeyWarrior said...

Home sales rise 37.6% In Orlando!!!! WTF I DO NOT BELIEVE IT>
It must be REO's, but sez prices are UP??? What the Hella is going on with this??

Number of existing home sales rise in Orlando area
Jerry W. Jackson | Sentinel Staff Writer
10:55 AM EDT, October 9, 2008
Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.

The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.

The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.

The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.

http://www.orlandosentinel.com/business/orl-existing-home-sales-orlando-100908,0,2581414.story

or
http://tinyurl.com/4hebvo

Orlando Sentinel only leaves these stories up for two weeks form today.

FlyingMonkeyWarrior said...

Subject: FW: finances

If you had purchased $1,000 of AIG stock one year ago, you would have
$42 left.
With Lehman Brothers, you would have $6.60 left.
With Fannie or Freddie, you would have less than $5 left.

But, if you had purchased $1,000 worth of beer one year ago, drank all
of the beer,
then turned in the cans for the aluminum recycling refund, you would
have $214.

Based on the above, the best current investment advice is to drink
heavily and recycle.

It's called the 401-Keg.


Thank you,

vanilla ice said...

The same thing will happen to New York in the next year, but it will be more dramatic. I predict NYC will experience the worst real estate downturn in the States. It's just starting.

Anonymous said...

Melbourne FL: A few (of the tons) of boom time mortgage gems seen recently in MLS:

Short Sale List: $182,000.
1,200 sf 3/2 ‘57 built. 2 blocks from beach. Still overpriced.
Previous Sale: $398,000 Dec. 2005
Financing: Equifirst 1st Mtg of $318,400 ARM starting at 7.65%, 2nd piggyback mtg of $59,700

REO List: $195.9 1,686 sf, ocean-view condo ’87 built.
Previous Sale: $575K Nov. 2005
Financing: Bayrock 1st Mtg of $460K Option ARM at 7.75%, 2nd piggyback balloon mtg of $115K.

Both lenders on Mortgage Implode-O list. 54% to 65% price drops from peak – and still no takers.

Lest we forget just who we are bailing out. This shit still roils my stomach!

- A grateful renter

Anonymous said...

flyingmonkey - has to be a typo. Sales Volume is up based on prices not seen since 2000 as indicated above.

Mammoth said...

Keith,

Over a year ago you ran a thread about a tiny (i.e. 'broom-closet sized') London flat that was on the market for over $400,000.

This was England's "jump the shark" moment. The place was so small that a tall person could touch both walls with outstretched arms. For $400,000!

What did this flat actually sell for, and how much is it worth today?

-Mammoth

Anonymous said...

FlyingMonkeyWarrior,
I am very disappointed in you for stealing other people’s comments on MarketWatch.

shame
shame

History remembers said...

vanilla ice said...
‘The same thing will happen to New York in the next year, but it will be more dramatic. I predict NYC will experience the worst real estate downturn in the States. It's just starting.’

True - NY will also have plenty of opportunities coming up.

But nothing in the US will compare to what’s about to happen in Europe.
Europe lied and lied and lied.
The entire European financial system and economy was fake.

Europe’s coming collapse will be Grand!

Unbuckle your seat belts, and get ready to sit on the edge of your seats.

FlyingMonkeyWarrior said...

FlyingMonkeyWarrior,
I am very disappointed in you for stealing other people’s comments on MarketWatch.

shame
shame

October 09, 2008 8:35 PM

______________________________
Lifted and gave credit where credit was due, annonopussy.

FlyingMonkeyWarrior said...

Market Watch is Awesome!!!!
So is HP.

Anonymous said...

FlyingMonkeyWarrior,
awwww,

'Real Worriors’ don’t just copy and paste, they write their own thoughts
And
'Real Worriors’ are annonopussys..

Just messin with ya, I’ve seen you here for several years and I think you’re OK

I enjoy both HP and Market watch as well..

Anonymous said...

i see dozens of houses going for 40 grand and some with pools.......outstanding.......... will i need a lawn grass canner?.

FlyingMonkeyWarrior said...

Just messin with ya, I’ve seen you here for several years and I think you’re OK
+++++++++++++++++++++++

(*: Thank and your hella okay for an anon-o-pussy, too.
Hugs.
FMW