As in wow, I can't believe 47% of the fools who had new home contracts actually went ahead and CLOSED!
Also note in the article that Vegas is the #1 most overbuilt housing market in America. Uh, ya think? HP poster children Phoenix, Miami and Orlando and West Palm are also up there.
Bottom line - there are millions of homes out there that we simply don't need. And even with new home builders going to fire sale prices, the units still aren't moving, since people can no longer get a mortgage. Classic end to a classic mania. Why are some idiots still debating us? It's over. O-V-E-R. The sheeple don't believe the lies anymore.
Home Builders Research released its stats Monday that show the cancellation rate on purchases of new homes in the valley jumped to 53 percent in August.
The rate had been closer to 30 percent two months ago before lenders starting tightening credit. Lenders are requiring higher credit scores, and those who don't have good credit are required to put down a greater down payment or pay higher interest rates.
Even people with good credit are finding it harder to get jumbo loans of $417,000 and above. Those who can't document their income are also having difficulty getting loans.
"Buyers are certainly not canceling because they are changing their minds," said Dennis Smith, president of Home Builders Research. "They are canceling because something has changed in their monthly payments."
The cancellation rates have been evident in homebuilders drastically dropping their prices in the last two to three months.
September 25, 2007
Las Vegas Housing Crash Update: August cancellation rate hits unbelievable 53% in August. Wow.
September 24, 2007
Pick HousingPANIC's new name for a day
I like playing with the HP tagline - The Housing Bubble Blog with an Attitude Problem.
September 23, 2007
Countrywide has HousingPANIC Censored!!! HP Removed from Yahoo seach listings by the Big Orange Advertiser
That's my theory...
Many HP'ers have emailed in the past month letting me know that one night a few weeks ago Yahoo removed HousingPANIC from its search listings. Right after we really went after the corrupt Orange Man Angelo Mozilo and his insider dealings at soon-to-go-bankrupt Countrywide. Gee, maybe something to do with the millions of dollars of ads that Countrywide does on Yahoo? Ya think?
Type in "housingpanic" in google (a real search engine, vs. yahoo's corrupted bulls*it) and guess what, you get http://housingpanic.blogspot.com as the #1 result. Of course you do. Any search engine who didn't give that the #1 slot isn't worth your time.
Type that into Yahoo what do you get? Not HP. Not to be found. It's like we've never existed. Like we don't have over 3,500 posts and 5.6 million page views. Nope, it's like Mozilo and Countrywide want. Silence.
Here's a few more tests of where HP rates at random - do your own test too for fun:
"countrywide mozilo corrupt" - google #6, yahoo not in top 50
"countrywide housing crash" - google #2, yahoo not in top 50
"housing bubble blog" - google #3, yahoo not in top 50
"housing crash mozilo" - google #1, yahoo not in top 50
"housing panic blog" - google #1, yahoo not in top 50
"angelo mozilo is orange" - google #1 (of course!), yahoo not in top 50
If you'd like fight the evildoers at Countrywide and Yahoo, report this unfairness and censorship here
I made sure HP was on the Yahoo domain register (it is), and sent a note to Yahoo and got back a note that everything was fine. I sent them back an email that they're corrupted and a bogus search engine that deserves to get clobbered by google. Needless to say the as*holes didn't respond.
And here's a personal note from HP to Angelo Mozilo at Countrywide - that you'll find one day only if you google it:
ANGELO MOZILO CAN KISS MY BLOGGER ASS
Note I'm short CFC and think Angelo Mozilo and Yahoo suck. If you use yahoo search, stop it, and switch to google. Fu*k 'em.
