How is the credit bubble affecting your city?

[lazygood4nothinbum]

according to news article today there are more foreclosures here than i thought might be.

The number of people behind on their mortgage payments in July almost tripled in Broward County from a year ago, from 517 to 1,430, according to Plantation-based Realestat.com. In Palm Beach County, the number more than tripled from 298 to 1,063....

Last month, Broward's foreclosure sales increased 70 percent from a year ago, from 224 to 381. Such sales were flat in Palm Beach County, with 183 in July compared with 187 a year ago.

don't know what houses they are talking about as i don't see foreclosure signs in my two areas of concern. could be a lot of the spec condos in trouble though.

with population in broward of about 1.8mm (about 700k households) & in palm beach 1.3mm (nearly 500k households)--and i admittedly don't know how it all works out but--even today's foreclosures doesn't sound horrible on the whole.

[kjpliny]

My neighbor just put his house up for sale and it sold the next day. Other houses in my neighborhood have been on the market for 6+ months..guess it's how you price it and what condition it's in.

He's moving about a mile away to a newer, larger home but his property taxes are going to be $28k per year instead of $9k. Ouch.

[Buckeye]

Khan wrote:

"Greater Dayton Ohio area.

Many homes for sale; price reduced signs; no down payment signs. Papers full of sheriff's sales. Many abandoned/long empty homes. People squatting in empty homes; selling drugs; setting fires; occasional body turning up. Much theft of siding/plumbing/wiring."

Khan - Are you describing Dayton today or during good times? I don't think there is much difference from what I have seen.

[Khan]

Quote:

Originally Posted by Buckeye Khan wrote: "Greater Dayton Ohio area. Many homes for sale; price reduced signs; no down payment signs. Papers full of sheriff's sales. Many abandoned/long empty homes. People squatting in empty homes; selling drugs; setting fires; occasional body turning up. Much theft of siding/plumbing/wiring." Khan - Are you describing Dayton today or during good times? I don't think there is much difference from what I have seen.

Has been bad and has been getting worse.

Throw in a few factory closings and it tends to spiral down.

[mb]

Santa Clara/Silicon Valley, CA:

Despite the sky high housing costs Silicon Valley has not been impacted as much as some other areas.

Sales are down but prices seem to be holding steady. According to Zillow my house has increased in value by ~$30k in the last year.

There is one house in my neighborhood that has been on the market for a long time but I think that is because it is over priced. Other houses have sold quickly. Many houses are still selling for more than than the offering price.

According to what I have read foreclosures have increased by several 100% but that is from a low base and the foreclosure rate is still lower than it was in the early 90s real estate slump.

MB

[Helena]

Lots of homes for sale in the Dallas area.

We didn't see the huge spite in prices as
in Florida, California, etc... but homes here
are overpriced just the same.

And, now credit will become more difficult.

It's not going to be pretty.

[kcowan]

Sales are slowing, especially in condos, but prices are holding. No more bidding above list price though. More inventory, longer listings time, more selection. Declining new housing starts.

Luxury cars seem to continue selling well in spite of sky high gas prices.

Retail sales seem to be at traditional summer levels (slower than fall).

[bssc]

This article talks about how the Phoenix markets as seeing a lot of foreclosures in the fringe markets.

[megacorp-firee]

They are holding a '1st auction' of 100 homes in Las Vegas. The home prices in the Chicago area are at lows and nothing seems to be moving.

[pfpelican]

Mortgage problems hit Houston | Chron.com - Houston Chronicle

[kumquat]

Quote:

Originally Posted by yona I am wondering how the RE market in Canada is doing. Is any one of the Canadians here care to share?

Here in the west the bubble is still inflating. Everything sells quickly, usually above the (already inflated) asking price.

[rpow53]

here in north central california,solano county, things are very slow, my home on the market for 5 months and not even 1 offer. priced right at 50k below last years price and still willing to nego. but no offers. realtor is baffled also,says he has never seen it like this in his 20+ years exper.

[ziggy29]

I'm out in the country, but the nearest metro area is Austin. It is holding up extremely well; in fact it's one of the strongest housing markets in the country right now. YOY prices are still up and homes are selling quickly for relatively strong prices in many neighborhoods.

[haha]

In Seattle the media is still bullish, as are realtors of course. But I see lots of "reduced" signs on properties, and yesterday I heard on the radio that prices for homes and condos were up less than 2% year over year in June.

On the theory that if you aren't growing you are shrinking, I'd say the next step is some shrinkage.

There is a lot of the usual blather about land constrained markets, relative lack of building, etc., and I guess this is mostly true. But it didn't stop Tokyo's bust in the 90s, and it hasn't stopped San Diego from falling prices this year.

The main floor I can see here is that employment is strong leading to high rents which at some not too distant point I would think would start to support condos at least. I did read in yesterdays’ Seattle Times that many of the jobs created in WA during the past year were not "living wage" jobs.

Ha

[Zoocat]

The whole Denver area is totally down the toilet, especially the Aurora area where there are lots of blue collar workers who cannot afford to lose a house. It's really a sad state.

[missionfinder]

If someone can't afford to lose a house they shouldn't purchase one with an ARM, interest-only, 40/50 year mortgage, or non-qualifying loan. All of those are signs you couldn't afford the house in the first place. Ignorant and/or stupid buyers/speculators and mortgage companies all have a hand in this one.

[jazz4cash]

Quote:

Originally Posted by pfpelican Mortgage problems hit Houston | Chron.com - Houston Chronicle

From the above article:"buyers with bad credit or little money for a down payment can't get loans.

............................imagine that!!

[Webzter]

So, the owner of house across the street from us overextended (managed to mortgage up to $292 on a house that could fetch $285 in a good market). It foreclosed and the bank listed it at $270 (to give another lens, we've been fishing at $280). After a few months on the market, they've dropped to $250.

That's gonna hurt the ol' comps

[VoyT]

Central Indiana: We've been hurting for a while with foreclosures and slow sales in many area. Now seeing the slowdown in the "popular" suburbs. I know one fellow who's sweating because his new house is nearly built and he hasn't had a nibble on his current home.
Funny though, there are still plenty of high-end condos going up, and the strip malls keep coming, though they never seem to fill completely.

[haha]

Quote:

Originally Posted by Webzter So, the owner of house across the street from us overextended (managed to mortgage up to $292 on a house that could fetch $285 in a good market). It foreclosed and the bank listed it at $270 (to give another lens, we've been fishing at $280). After a few months on the market, they've dropped to $250. That's gonna hurt the ol' comps

I am trying to understand what you mean. Did you bid $280 on this place, perhaps before it went into foreclosure? Why wasn't your bid accepted?

Also, can you say where this is?

Ha