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What Housing Bubble?

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U.S. foreclosures jump 87% as lending practices tighten - Bloomberg.com

 

Bloomberg.com reports that "the number of U.S. properties in foreclosure climbed 87% last month from a year earlier as home prices fell and lending standards tightened, making it harder for borrowers to sell homes and refinance mortgages. There were 164,644 loan default notices, scheduled auctions and bank repossessions in June, led by filings in California, Florida, Ohio and Michigan that together accounted for half the total, according to RealtyTrac, a seller of foreclosure data. The June foreclosure figure was 7% lower than that in May, when filings reached a 30-month high, RealtyTrac said... U.S. home prices will drop 1.4% this year and housing starts will tumble in 2008 amid higher mortgage rates and a glut of properties for sale, the National Association of Realtors said yesterday..." 7/12/2007

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...led by filings in California, Florida, Ohio and Michigan...

My take is that the Michigan and Ohio foreclosures are due mostly to the economy being in the crapper, while the California and Florida foreclosures are due to property values not increasing at the fast rate needed for folks on interest-only or super-low ARMs to get their equity merely out of the increase in value of the property.

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its flat and going down fast here... many many houses new and old sitting for months if not more than a year to sell... the ones that do price low to get out fast... its a buyers market in the Midwest for sure... many many construction co's in big doodoo.... going to be alot of tools and trailers for sale soon...

 

Same here in Eastern PA - I deal with alot of different type of contractors and only ones working in the public sector (schools, WWTP, etc) are keeping somewhat busy. The residnetial contractors are sitting on a lot of inventory and it's only going to get worse before it gets better here.

 

Time to thin the competition.

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i am offended please lock this thread :D

Shut yer piehole, you illiterate twerp.

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Shut yer piehole, you illiterate twerp.

neener neener neener :D

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I just went to www.zillow.com and put my address in. They dont have the correct square footage of my house because the basement was finished out after the house was built. Without the ~2000 square foot basement, they have my house valued at $200,000 more than I paid for it almost 2 years ago! :D Factoring in the basement, and their stats are way off the charts and alot higher than I think possible. But based on the comps in this area, I am very happy with the appreciation rate!

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