http://yahoo.reuters.com/news/artic...d=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage1 âIndyMac said 71 percent of its fourth-quarter mortgage loans were interest-only or adjustable-rate.â click, click... BOOM!
I cannot agree more with this...Tick..tick BOOM is right on! at least during the stock market bubble, people lost savings....in this real estate bubble created by the same jackass, Greenspan, people are going to lose their homes!! He fucked around with the market until he burst it....then in his haste to stop the free fall and the economic crash, he went TOO far TOO quick in cutting rates.... think about this: a kid here on ET with 10K cannot legally daytrade in the US and can only get 2:1 leverage....But that same 23 year old with 10k to his name was allowed to buy million dollar condos in Florida or get a loan for 100k!!!
I saw a blurb on CNBC today, they are giving him an achievment award or some nonsense. The greatest US bubble blower of all time!
Here is the NAR list of markets at worst risk and highest reward in 2007 and beyond: Enjoy TS =========================== Daily Real Estate News | January 25, 2007 10 Markets at Highest Risk for Declining Prices PMI Mortgage Insurance Co. reports that its Market Risk Index scores have increased for 34 of the nationâs 50 largest metropolitan statistical areas. The scores measure the risk that home prices will decline in the next two years. Nineteen MSAs face a greater than 50 percent chance that home prices will fall, up from 18 last quarter. The risk of price declines continue to be concentrated in California and along the Eastern Seaboard. In fact, eight of the riskiest markets are located in California, eight are in the Northeast, and two are in Florida. The 10 markets with the highest risk of declining prices are: 1. Sacramento-Arden-Arcade-Roseville, Calif. 2. San Diego-Carlsbad- San Marcos, Calif. 3. Oakland-Fremont-San Marcos, Calif. 4. Santa Ana-Anaheim-Irvine, Calif. 5. Nassau-Suffolk, N.Y. 6. Riverside-San Bernardino-Ontario, Calif. 7. Los Angeles-Long Beach-Glendale, Calif. 8. Boston-Quincy, Mass. 9. Providence-New Bedford-Fall River, R.I.-Mass. 10. San Jose-Sunnyvale-Santa Clara, Calif. â REALTOR® Magazine Online -- Daily Real Estate News | January 26, 2007 The Top 10 Luxury Markets to Watch Unique Homes Magazine in its January issue lists what it expects to be the top 25 luxury markets in 2007. Collectively, the communities that made it on the list represent where the market is heading, according to the magazine. Here are the Top 10 and the factors that make them standout as leaders of the pack: 1. Annapolis, Md.: Great boating and affordable prices compared to Washington, D.C., or Baltimore, both of which are a reasonable commute from Annapolis, too. 2. Asheville, N.C.: Eclectic ambiance draws the upscale to an outdoorsy, low-key lifestyle. 3. Aspen, Colo.: Four-season appeal, which is kept exclusive by restrictive zoning that restrains supply. 4. Atlanta, Ga.: A big-city appeal with lots of lifestyle amenities and new upscale communities. 5. Austin, Texas: Posting record gains for most of 2006, a mix of newcomers are drawn to its great music and scenery and the cosmopolitan University of Texas. 6. Bellevue/Medina, Wash.: This city has lots of upscale neighborhoods that arenât as pricey as other northwest areas. 7. Beverly Hills, Calif.: Its reputation as a Mecca for luxury remains untarnished. 8. Idaho: The state is a luxury newcomer with growing resort markets, such as Coeur dâAlene, McCall, and Sandpoint. 9. Jupiter, Fla.: Tiger Woods started a trend here when he purchased a 10-acre estate for $38 million. 10. Manhattan: Wall Streeters flush with 2006 bonuses are snapping up desirable co-ops and town houses. Source: Unique Homes, Camilla McLaughlin (December 2006/January 2007)
January 12th I posted these numbers for all of san diego Pre-foreclosures: 1714 Auction: 334 Bank owned: 1153 ------------------------------------- Here are the NEW numbers as of today Pre-foreclosures: 1555 Auction: 408 Bank owned: 1323 A nice 14.7% jump in bank owned homes in just 2 weeks :eek: Looks like nearly all of the pre-foreclosures ended up as foreclosures. Gee, I just heard on the news that 75% of pre-foreclosures dont actually foreclose. How long are they going to try and sugar coat the truth? Hahaha. Rents seem to be going down as well, im guessing because of the swell of condo's everyone is trying to rent out. Im moving out of my luxury apartment, and getting a nicer one for $300 less a month
I just don't see cause to sound the Chicken Little "the housing market" is crashing alarm from this data. Someone got some sweet deals on the foreclosures and now has instant equity. Consider that San Diego has 469,689 households. These bank owned foreclosures represent less than .3% of the households. That means that an overwhelming majority (3 standard deviations of the mean) are NOT in foreclosure. So, I'd be careful about taking a few statistical data points such as these and sounding the alarm on the growth rate. It all looks like statistical noise to me that is well within normal variations. What are the average yearly foreclosure rates in the San Diego market? This data swing could be easily explainable as simple seasonal variations, normal increases with interest rate swings, tied to job and unemployment data and transient labor/jobs etc. In a matter of speaking, whoever picked up the foreclosed properties for a bargain now has enough equity to be able to afford to carry these properties for less rent. So, I doubt anyone is going to be going homeless over this. It may be that a previous homeowner who was over his head on a mortgage can now rent for less than what it cost him to own. Sounds win-win to me for everyone except the tax payers. They/we subsidized the business loss from the banks and the person foreclosed on now gets a nice loss write off on his tax. What a country - some just know how to play the game better than others. TS
where? I check craigslist every day and signonsandiego every day for rentals and I only see rents going up around here.... My lease is up and I would love to get a sweet deal... thanks
it doesn't matter cos the vast majority of homeowners can afford their mortgage payments and have no intention to go homeless.