Housing Bubble Popped but why aren't the prices reflecting it? (Tampa: real estate, rental)

[kelly3120]

I just have to say I think people should pay me extra for my house because of those closet doors I painted last year ....no not really!
BUt my gosh I hate those closet doors( just dusted them and now I hate them even more). They are those vented ones and I painted all 4 of them front and back. They look beautiful, very plantation like BUT GRR DO I HATE THEM! ....think I drank alot of beer that weekend

alright just needed a break from cleaning ...is there more dust in the summer?? I swear I dusted yesterday
It is a fun game I vaccum, the dog brings me the ball and I kick it. Awh, it's fun to have a dog!


Korts : you always make sense ....will you be my neighbor?

[MyHomeIsInOcala]

Originally Posted by Baja Boomer

Historically, I wouldn’t be entirely surprised to see a scenario with an "echo boom" (i.e. suckers rally) this year or next. Echo booms are not uncommon in bubble markets and are typically characterized by a boom (which we've already had) > small crash > false bottom followed by a shaky boom w/a smaller peak > full crash to the bottom. It happened with the NASDAQ in 2001. It also happened with the 1929 market crash, where the Dow Jones increased by 38% between Nov. 1929 and April 1930, before continuing its crash.

We'll just hope that this real estate crash doesn't follow the Japan model, which took about 18 years or so to really begin to recover.

I really don't mean to sound like a big honking party pooper or doom & gloomer, it's just that I've really studied this issue in depth. It does not give me any pleasure to have been right so far. If this is as bad as it's going to get, I'll be very happy about it!

I know exactly what you are saying here. Plus, over the past ten years we have had many DPA (Down Payment Assistant) programs along with some very heavy creative and sub-finance...

Now with creditors becoming a tad bit more picky and the DPA programs in danger now that the federal government is considering a rule that would eliminate DPA and shut millions of potential buyers out of the housing market, this could help hinder sales even more. I have worked with DPA programs to help buyers, so I know that this alone will hurt many markets of lower income and some middle class families who are needing the assistance in order to purchase.

NOTE: *DPA programs are privately funded, no gov money involved.

[Hondax]

I've made money on both houses I sold when i worked and lived in Colorado Springs. Why?....LOL .......because my Brother-in-Law practically dragged me to his office to look at property, which in both instances was at a market bottom. Yes indeed He's a Realtor and knew I couldn't go wrong.

I wish the market currently in Florida was as simple to figure out as the market in Colorado Springs was for my Brother-in-Law.

If we don't have a recession I think Florida will hum right along with it's "dead cat bounces, "false bottoms", and "high cost of living",....... BECAUSE....we still have 77 million baby boomer's set to retire with 8,000 per day turning 60 years old. Bubble or no bubble, Florida will receive wave after wave of retiree's with plenty extra lured to TN, NC, SC, GA, AR, TX, NV, UT....etc.

[firemed]

Originally Posted by Hondax

I've made money on both houses I sold when i worked and lived in Colorado Springs. Why?....LOL .......because my Brother-in-Law practically dragged me to his office to look at property, which in both instances was at a market bottom. Yes indeed He's a Realtor and knew I couldn't go wrong.

I wish the market currently in Florida was as simple to figure out as the market in Colorado Springs was for my Brother-in-Law.

If we don't have a recession I think Florida will hum right along with it's "dead cat bounces, "false bottoms", and "high cost of living",....... BECAUSE....we still have 77 million baby boomer's set to retire with 8,000 per day turning 60 years old. Bubble or no bubble, Florida will receive wave after wave of retiree's with plenty extra lured to TN, NC, SC, GA, AR, TX, NV, UT....etc.

Where will all the boomer's get the money? From the 401k's and what will stocks do? Drop fast . Most boomers will be bailing out thier kids. I will stick with the recession.

[kelly3120]

ohh no the boomers have money outside of 401k's and stocks. We do and we definitely are not BABY BOOMERS!
Would be silly not too.

Hondax is right! ....Florida is "the place to be" no matter how slow the market seems. And I must say this again ....in 2000 it took 2-5 months to sell a home in 2004 it took 2-3 days ...the 2-3 days thing is short lived.
Patience is a virtue!!!

I'll say this again! I do realize there are homes that are overpriced , but that happens in every market ....dont buy the overpriced ones!!!! ..simple stuff dudes!

[nychiefsfan]

Originally Posted by SKB

If you saw him you would think he was king of the Stair Master.

LOL

I think you need an eye exam!!!

[nychiefsfan]

Housing Inventory Build Worsens



The net result of this is that the inventory of unsold homes continues to build, taking the housing mess further away from its final resolution.

As inventory continues to build, the effect on prices is inevitable. Even in the face of steady demand, economics 101 is that prices will fall. However, we seem to have diminishing demand, even as inventory ramps higher. That's a formula for prices that will fall more than just modestly.

As we noted way back in 2005, a 20 - 30% drop from the peak is hardly unthinkable.

The impact of this is already showing up in various consumer sectors.

And yet, some fools continue to insist that the housing slowdown is having zero impact on the broader economy. The best response to that silliness comes from Raymond James' chief strategist, Jeff Saut:

"Now for those pundits that insist that real estate is not spilling over into the real economy, we ask the question, “Why has the Association of Home Appliance Manufacturers’ Index posted a roughly 10% decline in shipments?”

Or, “Why is Circuit City (CC) laying off 3,400 of its best sales personnel and attempting to hire maladroit sales people at a much reduced compensation package?”

Similarly, “Why is Citigroup (C) cutting 15,000 financial-related jobs?” And, “Why is GMAC stating that its Residential Capital subsidiary is going to hurt profits?”

Inquiring minds want to know such things.

Moreover, if the problems in sub-prime mortgages are NOT spreading, why are sub-prime mortgage companies dropping like flies, why are companies like ACC Capital closing their “call centers,” and why are delinquencies rising not only in the Alt-A complex, but in prime portfolios as well?” (emphasis added)

The answers to these queries are rather obvious: Housing is impacting the rest of the economy in a significant AND ongoing manner.

Further, it's no coincidence that 1) housing prices are falling; 2) Mortgage Equity Withdrawals [MEW] are contracting; 3) Retail sales have softened notably.

Indeed, the broader risk to the economy is the impact of the real estate price declines on consumer sentiment. MEW has already declined from over $844 billion to well under $400 billion over the past 2 1/2 years. We still have the upcoming adjustable mortgages resets -- and at considerably higher interest rates.

The final chapter in the impact of Real Estate on the broader economy has yet to be written. .

Housing Inventory Build Worsens - Seeking Alpha

[nychiefsfan]

First David Lereah, next Lawrence Yun, now Walter Molony. All of them saying the same BS!!!!

"The declines should start to disappear in the second half of this year," said NAR spokesman Walter Molony. "The national price decline will start to flatten. Then it should start to rise. And those distortions will fade away."

Investor's Business Daily: House Prices Rising Or Falling? Depends On Whom You Ask

[nychiefsfan]

Foreclosures Forecast To Top 2 Million Homes

At least 2.1 million homes, condos and townhouses will be foreclosed in the U.S. in the next two and a half years, accounting for the highest number of foreclosures since the U.S. Savings and Loan Fraud Crisis, according to a new forecast by Housing Predictor.

The forecast is based on an analysis of the nation’s largest 100 metropolitan real estate markets by researchers during the month of May. Housing Predictor.com forecasts more than 250 local housing markets futures in all 50 U.S. states and since it’s inception the web site has maintained more than an 85% accuracy rating.

Foreclosures Forecast To Top 2 Million Homes | Best Syndication

[kelly3120]

blah blah blah ...stats! STats are silly ....

Homes are in floreclosure because of people like this ... a kid we know who makes around 60 a year went out and bought a 250 priced home STUPID!!!! ...but he was approved! STUPID! That's why foreclosures happen and I am of the "me me me" generation so expect more foreclorse due to lack of finacial planning and patience. Floreclosures happen because people buy homes they shouldn't and their mortgages eat up half of there income( no offense to anyone!) ...not because homes won't sell! ...but dude go find a forclosed home ...we looked at some , but many were in bad condition. Now here's my question ...A FLORECLOSURE ...pretty much the lowest prices available and you are sitting here waiting! GO BUY ONE Mr. STAIR MASTER!

Floreclosures happen because people invest in homes when they have shaky jobs ...show me STATS on how many Florclosures take place because people can't sell.

see those stats on % that have lowered mean nothing. We have lowered, doesn't mean we will settle for way under our asking price(lowered by 2000 dollars yippeee). EVERYONE IN ALL MARKETS lower after amonth of being on the market because it causes a new buzz and interest.

well dude I hope the chiefs win and that you find that dream price of yours, but most likely you will still be waiting for prices to drop more after I have children and retire( and I'm in my early 20's!). =)

...won't happen in Florida and definitely NOT TAMPA!
TAMPA IS HOT!!!