Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am interested in your response as to the second wave of ARMS coming due this year through 2011. Do you agree OR disagree with 60 Minutes Investigation, along with many other top economists, in their results that the 2nd wave of foreclosures are coming due this year, causing a RE market disaster equal or worse than the 1st wave we've already experienced?
I highly recommend watching the 60 Minutes investigation, along with link I sent, along with the dozens of other articles available on-line showing the next RE market disaster. That is why many believe that the prices will continue to drop and the RE market will NOT bottom-out until at least 2011.
I wish I had a crystal ball, but I do not. As for 60 Minutes, their business model is to scare and shock people to get higher ratings. They present one side of a story and veer as far to that side as possible while maintaining just enough plausibility as to not let people second guess them.
What I can tell you is the following: 1) We are more busy. More people are out looking and buying, because of the deals out there. 2) Houses are selling for less than it costs to build them. This is an unmaintainable situation. People have to live somewhere. As the population continues to expand, the excess homes that developers built for the non-occupying, get-rich-quick investors and poor-credit-risk renters are being purchased by new home-buyers and long-term investors and they are being occupied by the new home-owners and the poor-credit-risk renters. Developers have stopped building, so the resales and foreclosures are being purchased and taken out of inventory. 3) Current prices are well below the normal 5% appreciation that would be expected if we continued to have a stable market from 2001-2009, using 2001 as a baseline. 4) The bank-owned properties are being snapped up quickly (many times within a week). This indicates that demand has picked up for well-priced homes and that demand is keeping up with the supply of new foreclosures. 5) The Prescott area did not experience the incredible boom of new construction that Las Vegas and Phoenix experienced, so there is less vacant inventory to get rid of. 6) The worst offending subdivision in the Prescott area was Quailwood. There were two developers going bankrupt and trying to build and sell as fast as possible without any restrictions to the buyers. The buyers could live in the house, rent the house, flip the house, or sit on the house. Quailwood supply and demand appears to be stabilizing. I read that as a sign for the stabilizing of the larger Prescott area.
There are certainly going to be more foreclosures. Yes, there may even be a "second wave", but based on the points above, I remain optimistic. On top of all that, interest rates are rediculously low.
Location: In the North Idaho woods, still surrounded by terriers
2,179 posts, read 7,027,351 times
Reputation: 1014
Biggs...I think you are dealing with a reincarnated "LBear" and there is not much use is your trying to use reason with him. I agree with you on the 60-Minutes thing...I worked with the media for several years. It's all about splash and drama.
As per another couple of 'Prescott' threads; I have but two nits to pick
#1: housing is still relatively expensive vis a vis wages (although not as bad as in ca. 2004)
#2: winters are colder than I prefer------------but the rest of the year the weather is quite acceptable.
Needless to say: Prescott is still on my radar for many reasons.
Try decent amenities as in Costco, things to do, a mix of liberalism and conservatism, the place is pretty and clean and the people there for the most part are decent. Need I say more?
I still say it's the sunshine...just makes people feel good all over. While I'm in CV now, and haven't had any mishaps so far, I have to agree that seems to be the mentality of the people around here.
i gotta tell you, driving to work, and seeing the pronghorn alongside the hiway, going thru the granite dells, seeing the same cars at chino valley that i see in prescott...its a relatively small town...watching a cow at the intersection on 89 and willow creek, just checkin out the traffic....cattle guards going onto my street...friday night roping at the local horse stable....monsoon weather that is other worldly....whiskey row, sharlot hall museum grounds, the courthouse, chino valley corn dinner, prescott valley days, sedona, jerome, .....come on...whats not to love?
Apparently you are not involved in community affairs nor are you aware that thousands of residents are troubled with Prescott's old town politics & corruption. Time to wake up and smell the coffee.
I highly recommend that you read the Prescott Courier's articles and the comments left by residents.
Posted: Monday, April 06, 2009
Article comment by:
You have not seen anything YET. Prescott Valley's Sales Tax is growing and will continue to increase each month. The new business are coming in daily. They are leaving Prescott and coming here. There are few that want to go to a Swap meet on the Court House Grounds. I have never seen this done in all the places I have lived. The Entertainment Center, Harkins, Convention Center-Arena, new Hotels get the business. Hide and watch the Sales Tax dollars rollin to Prescott Valley. You people are so in the dark about being on cameras. You need to look around, they are in all business in the area and parking lots, today. Next time in Target see the sign in Parking Lot, that explains you are on camera today. SO wake up .... As usual the intellectually challenged are too much for me.[
Posted: Sunday, April 05, 2009
Article comment by: Wait for the pipe line! and Foreign Investors
Gripe, complain and moan! You don't know how good you have it. You could be stuck here in the Principality of Prescott Valley with the people they elect and re elect. At least your Chamber of Commerce doesn't take $135,000 a year from its Chamber members who happen to also be the town politicians! I do boycott P.V. and like Prescott to shop but if it keeps up I'll get a large freezer and do the trip to Phoenix, take in a real museum, or a show and dinner stay over night and stock up at Trader Joe's. I don't need this manure from the town government(s) and as a retiree I can evade it without too much difficulty. You natives figure out how the Good Ole Boys, Carpetbaggers and politicians are robbing you and maybe try and correct the situation. I don't want to play anymore.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]It's never going to get better in prescott[/SIZE]
No one from the Phoenix area or from out of state want to leave the big city and come to the mini Phoenix they call the Prescott area. All the growth, the heavy traffic, photo radar, etc. and the town "CONTROL FREAKS" that call themselves Town Council members in the Prescott and Prescott Valley can't figure out why sales tax is down? Because of out of control Town Councils the Prescott area is forever lost and controlled by greed. So the towns gov't. jockey the numbers around from the truth so they can say it's not their fault.
A woman at the last Williamson Valley monthly meeting asked Mayor Wilson a very good question: "If you are going to expand our road, that we don't want--and take Paulden's water, why should we spend our money in Prescott, and pay your sales tax so that you can do that?"
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]Someone that knew this was coming[/SIZE]
And, in July, the new ridiculous IMPACT fees will take place. Solely directed at the housing market or anyone wishing to build a new house in this God forsaken, wicked little city. I suspect that will be the nail in the coffin for contractors. This City will get nothing for this misguided blunder if no one wants to build here because these high impact fees are detrimental and/or cost prohibitive. But wait, the top heavy management will still get their bonus and ridiculous pay checks. I can see more of the low paid workers joining the unemployment lines soon. No wonder no one is spending anything in this town because everything one gets these days is spent on food and a place to sleep. Who can afford to buy anything else, especially Auto's. Furniture? I sit on a wooden crate these days. I think "R" has the right of it. Such waste by our elected officials in the GREED of these times.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]Glenn[/SIZE]
An issue of major concern is "What is there from Oct. to May besides the Lighting of the Square and Acker Night to draw people here to spend their money here in Prescott. Some activities must be planned such as festivals, etc. that will draw people here. Sure there is the Elks and the Symphony, but what would draw tourist downtown. Maybe the restaurants and shops being open after 6:00 p.m. Maybe some hotdog vendors in the square while a band or some type of entertainment plays. Something has to attract people and right now there isn't much other than it is a great place to visit and live.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]Get A Clue![/SIZE]
I think the majority of residents agree with "less painful", and I'm sure none of us are surprised. We are all wondering how we will pay our bills and still be able to eat. We'd have to be out of our minds to be spending frivolously. We're mourning the losses of our equity and /or investments. The city is having a field day spending our money like we're printing it, and it's doubtful they will slow down unless we take major steps, stand our ground, and literally shout NO!!!!
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]I Boycott P.V. &...... enough is enough[/SIZE]
Just wait till they start to stick you with the pipeline! They will make money beyond belief selling our water to foreign investors after we pay for the pipe line and law suits. The politicians are all in the tank for this insane "develop or die" idea that they've been brainwashed with. I think the IRS needs to look long , hard and world wide into quite a few folks in these parts.
Consistently up were taxes on the life sustaining essentials like water, heat and shelter. It's a good thing someone thought of putting a tax on those things since the quality of life items are down in sales.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]what would you do?[/SIZE]
This could be less painful..: the interchange project was something that the city committed to pay for long before Fann came into the picture. They just put it off until Fann bought that land and the city annexed it. Actually it will get built way under budget so it's good they put it off. As for the millions in sales tax rebates they gave different retail projects I'm sure you think that you could have gotten all that done for nothing or maybe you would have rather not had those retail businesses come here anyway (the classic "no growth please-I got out of California to get away from all that" attitude). When I moved here we all made runs to Phoenix to Costco, Home Depot, furniture stores, bought our cars, everything for Christmas and it seemed to be just fine then too. All I bought here was food and gas pretty much. Why not run for office and help fix all these problems, get things back on track?
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]B.A.[/SIZE]
Maybe if ya back the Robots, that right tickets, off...people might consider driving up here??? ...oh, you dont understand what i,m saying??? ...never mind then.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]Earl[/SIZE]
Could it be everyone is broke, leaving the area and that the tourists have stopped coming, oh not to mention the number of stores that have closed, limiting selection.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]No name provided[/SIZE]
I don't know why everybody is up in arms for Prescott getting continually poorer. At least they are spending the money they receive from taxes, not like Prescott Valley doesn't spend any of it and lets the town fall into disrepair.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]This could be less painful if... R[/SIZE]
I know its not really fair to say "I told you so," or dwell on the past. But one cannot but remember the foolish, financially irresponsible spending of our city leaders (I use the term loosely). Millions gifted to big box stores; millions to new car dealers; five million promised to an overblown convention center (now thankfully at a standstill). Millions in cost overruns/change orders resulting from poor judgement and poorer management. (A lot) to Mike Fann. To whom it now appears the city council promised a multimillion dollar interchange to benefit his proposed huge housing development. And apparently also agreed to let him build the interchange, and that the present residents of Prescott would pay for most of the project! And then there's the something like (so far) thirty million dollar water ranch fiasco, still arrogantly ignoring mitigation and looming law suits. Still ignoring true science. Even secretly hiring an expensive PR firm to sway the public's dislike and distrust of the plan. And lest we forget, the tens of thousands of dollars spent on planning and building the 'traffic calming' monstrosity on Rosser. There are many more examples but you get the point. One can only hope that when election time comes around we remember all this waste. The present economy simply accentuates the value of the smart use of our tax dollars. Naivety, gullibility, incompetence, and good ol' boy favors should not be rewarded.
Posted: Sunday, April 05, 2009
[SIZE=3]Article comment by: [/SIZE] [SIZE=3]Resident[/SIZE]
I try to spend as little as possible in this town of greed, corruption and phony Everybodys home BS. Obviously I am not the only one.glgl
I still say it's the sunshine...just makes people feel good all over. While I'm in CV now, and haven't had any mishaps so far, I have to agree that seems to be the mentality of the people around here.
And then there are those views!
I hope you did your due diligence and checked to make sure that the pipeline that they are trenching from CV to Prescott does not cut through your back yard.
Also by your moving here, you have seriously impacted our environment and added to the water shortage, along with adding more congestion. You should be ashamed of your irresponsible environmental impact that you have now made on this area.
As people keep moving here, our water supply will diminish and the environmentally disastrous pipeline will be built. The pipeline will destroy the Verde River as it drains the aquifer.
The more people who move here, the greater the water and ecological demand. Please stop destroying this area. Shame on you!
I hope you did your due diligence and checked to make sure that the pipeline that they are trenching from CV to Prescott does not cut through your back yard.
Also by your moving here, you have seriously impacted our environment and added to the water shortage, along with adding more congestion. You should be ashamed of your irresponsible environmental impact that you have now made on this area.
As people keep moving here, our water supply will diminish and the environmentally disastrous pipeline will be built. The pipeline will destroy the Verde River as it drains the aquifer.
The more people who move here, the greater the water and ecological demand. Please stop destroying this area. Shame on you!
Does your NIMBY mentality apply to anybody not presently living in either Prescott/PV areas or would you 'grandfather in' Chino Valley, etc. folks?
Suffice to say: better Americans (of any race/ethnicity) moving in vs. a bunch of illegal aliens.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
why i love/like prescott
