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WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!

 
Anonymous Coward
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10/15/2009 06:46 PM
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WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Seriously Folks, the Housing Bubble Is Back
Posted Oct 15, 2009 09:56am EDT by Joe Weisenthal in Investing, Recession, Housing
Related: dia, spy, hd, len, kbh
From The Business Insider, Oct. 15, 2009:

We mentioned this a week ago, though this story has been kind of flying under the radar: The housing bubble is back.

No, home prices aren't (yet) at overinflated levels again, but the housing market is seeing a return of enthusiasm, mania, and speculation, the likes of which we haven't seen in a long time.

Now CNBC's Diana Olick (via Calculated Risk) is talking about it. Here's an email a realtor sent to a friend of hers.

The foreclosure capital of America, Vegas home prices are down more than 50 percent from their peak in 2006. The median price of a home there is $138,000, but, interestingly, the inventory is down to a less than 3-month supply. Compare that to the national inventory, now at an 8.5 month supply. Despite the low supply, prices are not recovering quickly because the sales are all by banks, looking to unload properties quickly.

But back to Katie. Her Realtor, who is also an old friend, emailed Katie the following warnings before her arrival on the Vegas strip:

- This market is crazy and many things are just not going to make any sense.
- I can guarantee you 99.99% of the listings emailed to you will no longer be available by the time you get here.
- Properties are selling in the blink of an eye.
- Properties are getting multiple offers within a few days of being on the market, the most offers I’ve heard a house had recently was 44 offers (I know, crazy).
- This market is crazy and many things are just not going to make any sense.
- 40% of all transactions are cash purchases, which makes it harder for the buyers who are financing to get their offers accepted.
- We have 1/2 the inventory we had a year ago and 4 times as many buyers as we did a year ago.
- Chances are we will have to submit several offers to have the chance of getting 1 accepted.
- This market is crazy and many things are just not going to make any sense.
- You will probably leave not knowing if you have a house or not because banks take 2 to 3 weeks to respond, because this market is crazy… you know the rest.

Is this just realtor puffery? Possible. But this fits with other anecdotal evidence people are seeing. Foreclosureville markets are going crazy again.

More coverage from The Business Insider:

Real estate speculation is getting scary popular again
CondoVultures: Fate of S. Florida housing market all depends on federal govt
maya2012

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10/15/2009 07:24 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
the bankers are buying them with their bailout money
mothra
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10/15/2009 07:35 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Knife catchers. I'm glad they are paying cash, that will keep the inflation rate lower.
Anonymous Coward
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10/15/2009 07:44 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
If they are paying cash then that is a good thing.
Anonymous Coward (OP)
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10/15/2009 07:45 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
[link to finance.yahoo.com]

linky
Enaid

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10/15/2009 08:13 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I don't believe it.
Personal responsibility - try it sometime. Quit blaming others for your bad choices. Consequences happen.

:enaid11:
Anonymous Coward
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10/15/2009 08:24 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Foreign acquisition and invasion... .gov behind this one all the way...

Big question is, why Vegas and do they know something they aren't telling anyone else
Anonymous Coward
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10/15/2009 08:29 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Dude

it's The Stand
Anonymous Coward
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10/15/2009 08:30 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
oh brother...
mothra
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10/15/2009 08:32 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I don't believe it.
 Quoting: Enaid

I don't blame you for being sceptical but it's been widely reported and independently verified to be happening all across the southwest.
Anonymous Coward (OP)
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10/15/2009 08:34 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I don't believe it.
 Quoting: Enaid



Don't worry !! Stupid ppl go to heaven too !!
Anonymous Coward
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10/15/2009 08:35 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Dude

it's The Stand
 Quoting: Anonymous Coward 793961


OMG I just thought that before reading your post.
Anonymous Coward
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10/15/2009 08:41 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I worked for a national marketing/real estate company that bought distressed land sales...they would bid way low and buy up entire subdivisions, turn around market them, sell them, finance them and run the market prices up for a while. When the company would close their sales, the prices dropped 10X below what most paid.

same kind of companies are now doing with this with foreclosures, they will buy those homes on short sale, bankrupticies and foreclosures... and in a year or two they will market them, finance them and make HUGE HUGE profits.

Just because an area is selling doesn't mean that it is the average home sales or that the buyers are individuals and not corporations.

at a time when getting financing, lenders, to give you money without your fica score being upwards to the 800's, and with an interest rate that is not 12%, you have to ask yourself who is buying those homes.

Where I am at, the only homes that are moving are foreclosures, a house that cost 280,000 two years ago, just sold for 136,000.

Is the bubble over?
not even close
Enaid

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10/15/2009 08:43 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I don't believe it.



Don't worry !! Stupid ppl go to heaven too !!
 Quoting: Anonymous Coward 773669



Well, unlike you, I don't believe everything the media tells me. I am capable of thinking for myself.
Personal responsibility - try it sometime. Quit blaming others for your bad choices. Consequences happen.

:enaid11:
Anonymous Coward
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10/15/2009 08:46 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Not where I live...My county leads the state in forclosures by far.
They can't give these beautiful middle of nowhere country home away cuz there are no freakin jobs here.
Ricfly52

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10/15/2009 08:49 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Here is the reality of what is happening. I am not judging whether it is right or wrong. I do believe houses all over the U.S. were way overpriced.

Investors are buying up all the forclosures, and even some new homes that prices have been slashed by as much as 70%. I get my info from several realators that I do business with.

The investors then rent the houses out to people. But what I am seeing in my neighbor hood is that two or three families end up living in the houses, and they get run down very fast.

The investors are betting prices will climb fast again. But so far in the city where I own property (I am not living there right now) the trend is still stagnant or losing price still.

I could be another disaster waiting in the bushes.

Last Edited by Ricfly52 on 10/15/2009 08:51 PM
Fishing and skiing keeps me a little sane.
Anonymous Coward
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10/15/2009 08:53 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
what happened in The Stand?
Bluebird
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10/15/2009 08:53 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
I don't believe it.
 Quoting: Enaid


I agree with you. I think it's BS.
Enaid

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10/15/2009 08:55 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Here is the reality of what is happening. I am not judging whether it is right or wrong. I do believe houses all over the U.S. were way overpriced.

Investors are buying up all the forclosures, and even some new homes that prices have been slashed by as much as 70%. I get my info from several realators that I do business with.

The investors then rent the houses out to people. But what I am seeing in my neighbor hood is that two or three families end up living in the houses, and they get run down very fast.

The investors are betting prices will climb fast again. But so far in the city where I own property (I am not living there right now) the trend is still stagnant or losing price still.

I could be another disaster waiting in the bushes.
 Quoting: Ricfly52



I also noticed alot of houses that were for sale for yrs are now rentals. So, they are no longer on the market.

Last Edited by Enaid on 10/15/2009 08:55 PM
Personal responsibility - try it sometime. Quit blaming others for your bad choices. Consequences happen.

:enaid11:
Anonymous Coward
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10/15/2009 08:56 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Knife catchers. I'm glad they are paying cash, that will keep the inflation rate lower.
 Quoting: mothra 779743


I just bought a foreclosure and paid cash. No way could I have done this a few years ago. I guess you could say that I didn't let this crisis go to waste and at least Im not in debt.
Anonymous Coward
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10/15/2009 08:58 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
what happened in The Stand?
 Quoting: Anonymous Coward 73915


The Stand was written in the 70's
it was about a flu bug (capitan Trips) that killed off millions of people, something like 99% of the worlds population

the survivors all had dreams, visions, what ever, that led them to either a "good" area or a "bad" area, depending on if they were good deep down or bad deep down

ended up all the bad ones were in Vegas

the ending
vegas was nuked
Ricfly52

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10/15/2009 09:05 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Here is the reality of what is happening. I am not judging whether it is right or wrong. I do believe houses all over the U.S. were way overpriced.

Investors are buying up all the forclosures, and even some new homes that prices have been slashed by as much as 70%. I get my info from several realators that I do business with.

The investors then rent the houses out to people. But what I am seeing in my neighbor hood is that two or three families end up living in the houses, and they get run down very fast.

The investors are betting prices will climb fast again. But so far in the city where I own property (I am not living there right now) the trend is still stagnant or losing price still.

I could be another disaster waiting in the bushes.



I also noticed alot of houses that were for sale for yrs are now rentals. So, they are no longer on the market.
 Quoting: Enaid


Very true. Where my house is in Las Vegas, there were twelve houses for sale last year on my block. Some have been off the market just from home owners getting discouraged and deciding not to sell. But many were bought by investors at low prices, and then they were rented out. Those houses are now off the market. By the way I saw two for sale signs three weeks ago when I was down there.

Last Edited by Ricfly52 on 10/15/2009 09:06 PM
Fishing and skiing keeps me a little sane.
mothra
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10/15/2009 09:30 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
Knife catchers. I'm glad they are paying cash, that will keep the inflation rate lower.


I just bought a foreclosure and paid cash. No way could I have done this a few years ago. I guess you could say that I didn't let this crisis go to waste and at least Im not in debt.
 Quoting: Anonymous Coward 780177

Congrats. We are still waiting to move up and it will be many more years as house prices are still going up here and lending has never been looser. The $8k credit made the market crazy. Houses were selling before they even hit the MLS. I figure we will have to wait at least another five years before it is safe to start looking again.
GraftedPromise
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10/15/2009 09:30 PM
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Re: WTF !! SERIOSLY FOLKS , THE HOUSING BUBBLE IS BACK !!
.
... isn't it difficult to pay a mortgage when you don't have a job? ...
.
... and PeBO is saying there is going to be a $$$$ recovery WITHOUT jobs ...
.
... bye, bye housing! ...
.

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