tag:blogger.com,1999:blog-18675105.post8897232282833150121..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: With credit frozen up, the stock market crashing, jobs in jeopardy, and home prices still in freefall, where are the buyers?bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-18675105.post-86327570870446790902008-10-11T20:53:00.000+01:002008-10-11T20:53:00.000+01:00Susan I hate to say this but you were beaten out b...Susan I hate to say this but you were beaten out by other banks and you were being used as a shill<BR/><BR/>Watch this week for 70% drops in the high end markets<BR/><BR/>and 90% drops in the low end markets <BR/><BR/>why ?<BR/><BR/>because the banks are about out of businessAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60971129101713629942008-10-11T05:05:00.000+01:002008-10-11T05:05:00.000+01:00I left a comment not too long ago about the San Di...I left a comment not too long ago about the San Diego homes and I'm surprised that people who don't live in the area are refuting my experience in this local area. I'm not a realtor, NOPE, no way. My husband and I have been looking for a home for the past 12 months. We've made over 12 offers on homes this year alone and have been beaten out by other bidders. I'm just sharing my experience. After each lost bid, I've look up the sold price and see how much we were beat out. That simple. We finally got an offer accepted by a bank foreclosure last week, 38% off peak price, but still had to offer 20K over listing...with multiple offers on the table, and highest and best countered. This deal included, new carpet, paint, new appliances and trimming of all the palm trees. I'm just sharing my experience. I'm not pushing "business" on to any of you...I'm quite surprised that many still want to shout doom and gloom when I know plenty of friends and family (some in the real estate buying business) buying properties. I'm just sharing what I see locally..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-67686852141029282102008-10-10T21:36:00.000+01:002008-10-10T21:36:00.000+01:00I'm a mortgage banker up here in "we're different"...I'm a mortgage banker up here in "we're different" Seattle and we still have 0 down loan options...shit's crazy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53055979932793004392008-10-10T20:26:00.000+01:002008-10-10T20:26:00.000+01:00yep... i figure it takes 1.3 milliom in the bank t...yep... i figure it takes 1.3 milliom in the bank today to generate the money to pay the tax on a bum condo today...........10 mill in NYC<BR/><BR/><BR/><BR/><BR/><BR/><BR/><BR/>nyc<BR/><BR/>ny6cAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-39239891347387256142008-10-10T20:16:00.000+01:002008-10-10T20:16:00.000+01:00same old/ same old in san deigo borrowerers nor re...same old/ same old in san deigo borrowerers nor realizing those houses not worth the down payments let alone the prices...........Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-48631486599832265152008-10-10T19:23:00.000+01:002008-10-10T19:23:00.000+01:00Hey Guess What? Remember I have been using Croydon...Hey Guess What? Remember I have been using Croydon PA as a barometer of housing because the same 64 houses have been for sale without moving for the last 3 to 5 years? Well, it has finally happened. <BR/>The latest postage stamp rancher is being listed for only $115K and another house that was asking $209 is listing today for $187. It's dropping finally! Soon I expect under 100K.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-37440769549144206212008-10-10T16:43:00.000+01:002008-10-10T16:43:00.000+01:00.Where the Hell do you think/Credit frozen!Market,....<BR/><BR/><BR/><BR/>Where the Hell do you think/<BR/><BR/><BR/>Credit frozen!<BR/><BR/>Market, 401, retirement tanking,<BR/><BR/><BR/>Home prices in a freefall!!!<BR/><BR/><BR/><BR/>I'm on the sidelines<BR/><BR/>No Frickin way I am Buying Anything Now!<BR/><BR/><BR/>Patience!!!!!!!!!!<BR/><BR/>.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7426247348311693762008-10-10T16:42:00.000+01:002008-10-10T16:42:00.000+01:00Expect to see a lot of ghost towns springing up in...Expect to see a lot of ghost towns springing up in America.<BR/><BR/>The rich keep getting richer and the poor keep getting poorer.Cynthiahttps://www.blogger.com/profile/10554842712459943617noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60104432813946560172008-10-10T16:25:00.000+01:002008-10-10T16:25:00.000+01:00My question is how can people (especially in CA) w...My question is how can people (especially in CA) who bought homes the last 10 years afford the property taxes now that their stock portfolios and retirement accounts are vaporizing before their eyes?<BR/><BR/>What kinds of investments will generate enough money to pay these property taxes of $4,000-15,000 a YEAR now that the markets are tanking?Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54371143154453757442008-10-10T16:21:00.000+01:002008-10-10T16:21:00.000+01:00I agree with your thoughts, Keefer.All that we hea...I agree with your thoughts, Keefer.<BR/><BR/>All that we hear from the CNBC cheerleaders is that we just need to unclog the credit markets. This is supposed to make it easier for Joe Six-Pack if the credit markets lighten up. And, in a NORMAL credit market, that assumption would be true. BUT, there is a MAJOR problem with this assumption. This assumption is based on the idea that we're in a normal credit environment, that Joe Six-Pack has <BR/>Number 1 - Good credit <BR/>Number 2- Sufficient Cash <BR/>Number 3- Confidence.<BR/><BR/>Why would Joe Six-Pack want to buy a house where he loses money, beginning at the day of closing? That's assuming that he has the sufficient credit with a lot of cash. <BR/><BR/>BOTTOM LINE: If Joe Six-Pack has no confidence, then there will be no rescue for this financial system. Consumer spending is the key, and that's directly related to consumer confidence.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86041626127395316442008-10-10T16:17:00.000+01:002008-10-10T16:17:00.000+01:00Zillow shows prices ticking up this week. LOL!I no...Zillow shows prices ticking up this week. LOL!<BR/><BR/><BR/><BR/><BR/>I noticed this too!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-8123055939062678562008-10-10T16:08:00.000+01:002008-10-10T16:08:00.000+01:00Anon said:"The illegals will continue buying. No s...Anon said:"The illegals will continue buying. No seriously, they've been had by their own compadres in the mortgage business and it will keep on going."<BR/><BR/><BR/>I dont think so. There is a sting operation going on right now across the country on illegals who are trying to purchase homes. <BR/><BR/>Deporting them when applying for mortgages.Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-37615737504707747102008-10-10T16:02:00.000+01:002008-10-10T16:02:00.000+01:00Sellers are dreaming if they think they'll sell fo...Sellers are dreaming if they think they'll sell for anywhere near their asking prices. Evaluation on stock and houses are exactly the same. Both are way overvalued.<BR/><BR/>I suggest everyone take Zillow snapshots of neigborhoods they would like to eventually live in because you won't believe your eyes when the drop happens.<BR/><BR/>December will be soooo ugly.Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-61817408125463759482008-10-10T14:34:00.000+01:002008-10-10T14:34:00.000+01:00Also, jumbo loan rates are way up. Wachovia is 8.1...Also, jumbo loan rates are way up. Wachovia is 8.125% and Wells Fargo is about 9.2%. Financing is harder to get and banks want bigger down payments (in cash, could you imagine...cash!!). If jumbo loans start at $417k, which still includes just about every house for sale today, who the heck is going to be able to buy? <BR/><BR/>Real fast: A house sold at <BR/>$500k and 10% down. A jumbo rate of 8.125% comes to about $3,340 per month, and that is ONLY the mortgage payment. A person earning $50k per year brings home about $4,170 per month. After income taxes this mortgage is already unaffordable. <BR/><BR/>I guess an expert in structured finance will be needed to figure out how this will work for the borrower.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-25063964508458038692008-10-10T13:34:00.000+01:002008-10-10T13:34:00.000+01:00Zillow shows prices ticking up this week. LOL!Zillow shows prices ticking up this week. LOL!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28527878335063164492008-10-10T13:33:00.000+01:002008-10-10T13:33:00.000+01:00The US Banks are under capitaized by -$50,000,000,...The US Banks are under capitaized by -$50,000,000,000,000 because of the GOP Bush Regime and their network of robbers and criminals.<BR/><BR/>So, why are some people still voteing for McCain who remains in the same criminal Republican party?<BR/><BR/>Because God made many as*holes, stupid f*cks and idiots!!<BR/><BR/>I used to get mad when I saw a McCain lawn sign or bumper sticker. But now I just laugh! <BR/><BR/>Bwaaaaa!!!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-63068743921456505002008-10-10T13:10:00.000+01:002008-10-10T13:10:00.000+01:00Of course this doesn't apply if your house is "spe...Of course this doesn't apply if your house is "special".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-19016020913844960462008-10-10T12:39:00.000+01:002008-10-10T12:39:00.000+01:00Ill buy houses for 20-25% of their peak price!The ...Ill buy houses for 20-25% of their peak price!<BR/><BR/>The market wouldn't be illiquid if the sellers lowered their price.<BR/><BR/>I know folks who are trying to sell houses for 30% of what they bought it for; why even list it?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54460506635421730772008-10-10T10:41:00.000+01:002008-10-10T10:41:00.000+01:00I looked at Jumbo rate (what I'd need here in ...I looked at Jumbo rate (what I'd need here in D.C. still!) and they were around 8-9% !!!<BR/><BR/>Ok, for that kinda rate the cost of homes is REALLY gonna have to drop- big time!<BR/><BR/>Or I'll just sit on the side & wait - sold at peak too :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-69797100433606384762008-10-10T09:20:00.001+01:002008-10-10T09:20:00.001+01:00Houses in better hoods of Phoenix metro area thaat...Houses in better hoods of Phoenix metro area thaat are only 80% overvalued sell with a few hours to a few days. Houses that are 100+% overpriced don't sell at all or take months.<BR/><BR/>I've asked before: WHEN WILL PRICES IN ARIZONA COME DOWN TO PRE BUBBLE PRICES? I can't believe how low the prices are in parts of south Florida. What is going on here??????!!!!!!!!!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-21215843526940489522008-10-10T07:09:00.000+01:002008-10-10T07:09:00.000+01:00Susan all due respectwhat has sold in the last 2 w...Susan all due respect<BR/><BR/>what has sold in the last 2 weeks ?<BR/><BR/>this crisis really started 2 weeks ago<BR/><BR/>I know you are promoting your business on here but to tell us that short sales and reo's are selling like hot cakes is like telling us that the DOW is at 15,000<BR/><BR/>so where is your proof ?<BR/><BR/>who has the money outside of banks ?<BR/><BR/>banks buying them up do not count as we the taxpayer are buying them out anyway through this new 700 billion dollar planAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-29967025222950547592008-10-10T07:00:00.000+01:002008-10-10T07:00:00.000+01:00Hrmm, I think it depends on the area. Here in San ...<I>Hrmm, I think it depends on the area. Here in San Diego, foreclosures (REOs) are experiencing bidding wars (as I've been involved in quite a few of them), most of them bidding upwards of 30K over asking price.</I><BR/><BR/>He who participates in bidding wars is a financial moron.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-36230670249732220932008-10-10T06:59:00.000+01:002008-10-10T06:59:00.000+01:00The buyer is here, baby. I'm just waiting for anot...The buyer is here, baby. I'm just waiting for another huge quarter drop and a rotten xmas to pick a couple of oceanfront condos. I'm all cash since 2007 and sold at peak. Then I'll pick at the bones in emerging markets and Iceland.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-18074122204801395952008-10-10T06:52:00.000+01:002008-10-10T06:52:00.000+01:00Did the Bailout Plan fail and did the coordinate r...Did the Bailout Plan fail and did the coordinate rate cut make things even worst.<BR/><BR/>http://news.yahoo.com/s/ap/<BR/>20081010/ap_on_bi_ge/world_markets<BR/><BR/>Asian markets plunge after huge Wall Street losses<BR/><BR/>Asian stocks plunging Friday, with Japan's benchmark index plunging more than 10 percent.<BR/><BR/>Markets in Hong Kong, Australia, South Korea, Thailand and the Philippines were all down more than 7 percent. Shanghai's index was down 3.8 percent.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86537765261958726322008-10-10T06:47:00.000+01:002008-10-10T06:47:00.000+01:00If there are any buyers out there currently thinki...If there are any buyers out there currently thinking about buying a home perhaps you should as yourself the question why are Venture capitalists saying things like<BR/><BR/>"take a hard look at expenses they could cut" <BR/><BR/>"In 2000 and 2001, the companies that hunkered the fastest were the companies that survived,"<BR/><BR/>http://online.wsj.com/article/<BR/>SB122359422742921079.html<BR/><BR/>Sequoia Capital gathered the chief executives of its portfolio companies this week and told them to focus on becoming profitable and take a hard look at expenses they could cut, according to people who attended the event.<BR/><BR/>The technology industry, which had seemed immune to the financial crisis, is now getting squeezed on two sides: Established companies are struggling with slackening demand while venture capitalists are telling start-ups to cut costs and plan for a prolonged downturn.<BR/><BR/>Venture capitalists are running into trouble raising new funds and tech vendors are getting squeezed as businesses cut budgets, banks pull credit lines and consumers close their wallets.<BR/><BR/>Venture capitalists who have been trying to raise money in recent weeks say their investors -- including pension funds, endowments and wealthy individuals -- are retreating from new investments because of the credit crunch.<BR/><BR/>Benchmark Capital, a prominent Silicon Valley firm, recently sent a letter to its portfolio companies telling them that "financings as we know it just got a whole lot tougher."<BR/><BR/>http://news.cnet.com/<BR/>8301-1001_3-10061872-92.html<BR/><BR/>Silicon Valley venture capitalist Ron Conway sent a sobering e-mail on Tuesday to the 130 start-up companies he's invested in: now is the time to hunker down.<BR/><BR/>"In 2000 and 2001, the companies that hunkered the fastest were the companies that survived," said Conway in an interview with CNET News. "Get costs under control; make sure you have plenty of runway."Anonymousnoreply@blogger.com