Condo Crash Miami: It's all falling apart now.

Man, we saw this coming a mile away. And to think, THOUSANDS more units are still coming. And coming. And coming.

How low will Miami go? 30%? 50%? 80%? It will be historic, and by Florida standards, home of some of the greatest real estate crashes in world history, that's pretty amazing.

Thanks again to Doom for the video

Bloomberg columnist's message to homedebtors looking to sell: Enough with the balloons, open houses and incentives - just cut the damn price

The whole world is going HousingPANIC now, wouldn't you say?

What took so long?

HP adds one piece of advice to this: Cut the price BIG TIME. Shock yourself at how far and how fast your home's value plummeted. If you want out from under your debt-trap, you're gonna have to shock your neighbors with the new comp on the street.

Or you could hang on, watch your home rot on the MLS for another few months or years, and watch it sell for even less down the road than you could have gotten for it today.

Housing party over. Get out. Now.

Housing Market's Stench Means Cut Price to Sell

ov. 19 (Bloomberg) -- Raffles, festive balloons, open houses, car giveaways. Will any of these incentives sell houses? Not at the moment.

You don't have to be particularly creative in a market glutted with homes for sale. The painful reality is that homes are commodities. There are more than 4 million of them sitting out there unsold and more coming on the market every day due to foreclosures. If you really need to sell a house, price is the one lever that will move a property.

Almost everywhere your competition is abundant while buyers are waiting for prices to fall even more. U.S. existing-home prices are expected to drop almost 2 percent this year nationally, according to the National Association of Realtors, and are likely to fall further in areas oversaturated with homes for sale.

``Buyers just want price,'' says Mike Morgan, a Stuart, Florida-based lawyer, real-estate broker and consultant who researches property markets for hedge funds and financial institutions. ``Buyers have become educated and they can easily cut through the fluffy incentives.''

The one number the NAR doesn't want you to know: There are now 17,900,000 empty homes in America

17.9 million empty homes that nobody needed. 17.9 million empty homes that won't sell. 17.9 million empty homes that stand as a testament to American greed, largess and folly. 17.9 million empty homes for bitter renters to choose from. And 17.9 million reasons why this housing crash will be the biggest in US history.

The Census Bureau report also found that a record 17.9 million U.S. homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure.

The figure is a 7.8 percent gain from a year ago, when 16.6 million properties were vacant, the Census Bureau said. About 2.07 million empty homes were for sale, compared with 1.94 million a year earlier, the report said.

With inventories of unsold homes piling up near record levels, housing prices will have to fall further, economists say.

HousingPANIC Stupid Question of the Day - Mortgage Meltdown Edition

The mortgage market has blown up. You can't get a loan anymore to save your life.

So who the flying f*ck is gonna buy all these damn houses?

Supply. Demand. Prices. Questions?

Why are there any questions? Isn't this all so OBVIOUS? Isn't supply/demand/prices taught in second grade?

MarketWatch: Weak spring may drive home prices lower - Tough sales season, rising inventories further pressure housing market

BOSTON (MarketWatch) -- A spring home-selling season that's looking like a bust and pressure from growing inventories of houses in the resale market should intensify home-price declines in the second half of 2007, Wall Street analysts say

"We think the housing downturn has decisively moved to its second act of falling prices," wrote Deutsche Bank in a report to clients Monday.

Yet the picture could get worse if home-price declines catch up with falling sales, and home builders' profit margins are further squeezed.

"With the first act consisting of significant retrenchments in volumes, the second act is one with home prices falling back to more equilibrium levels after a period of breathtaking increases during the housing boom," Deutsche Bank said.

During first-quarter conference calls, home-builder executives said they're cutting prices or offering more incentives to make up for sales-volume declines. A key dilemma they've faced the past year and a half during the housing pullback is balancing volume and prices with an eye on protecting profit margins.

Party Time!!! Phoenix hits 60,000 unwanted homes for sale on the MLS

Great job Phoenix! We knew you could do it!

I wonder what the real number is once you include unsold builder specs, cancellations, foreclosures and FSBO's.

100,000?

Leading real estate investor: Prices may fall 20%, and "It will be the biggest housing-price decline since the Great Depression"

Any questions?

Man, now EVERYONE is starting to sound like HP, eh? Even the big boys... I think we'll be hearing the "since the Great Depression" comparisons for a long time to come...

Heebner Says Home Prices May Fall 20% Amid Bad Loans

April 12 (Bloomberg) -- Kenneth Heebner, manager of the top-performing real-estate fund over the past decade, said U.S. home prices may plunge as much as 20 percent because of rising defaults on riskier mortgages.

Subprime loans, made to borrowers with a history of missed payments or untested credit, and ``Alt-A'' loans, which require little or no documentation, account for about $2.5 trillion of the $10 trillion in outstanding mortgages, according to Moody's Economy.com. As much as 40 percent of these loans may default, flooding the real estate market, Heebner said.

``It will be the biggest housing-price decline since the Great Depression,'' Heebner, 66, said today in an interview in Boston. Prices may fall by a fifth in some markets, he said.

That would leave home prices at levels last seen in 2003 and 2004, the middle of boom that lifted prices to a record in 2005. The damage from high-risk mortgages will slow the U.S. economy, though not enough to send it into a recession, Heebner said. Fourth-quarter growth was revised to 2.5 percent from 3.5 percent because of housing, the government said March 29.

Heebner, who co-founded Capital Growth Management in 1990, manages the $1.6 billion CGM Realty Fund. The fund has gained an average of 20 percent a year in the past 10 years, the most of any real estate fund over that period, Bloomberg data show.