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Reload this Page The US Housing market is in deep shit
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US Domestic Issues Topics which focus on issues within the US or concern those who come from or live in the US.

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Old 29-04-2008, 09:42 PM   #61 (permalink)
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The S&P/Case-Shiller home-price index dropped 12.7 percent from a year earlier.......

Read More Here
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Old 29-04-2008, 09:44 PM   #62 (permalink)
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saw somewhere today that 1 in 190 odd home owners in the States have received for closure notices
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Old 29-04-2008, 10:35 PM   #63 (permalink)
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Currently viewing an auction live in the UK:

http://www.eigroup.co.uk/onlineauctions/login.asp?AuctionID=11017&c=edm

Its a bloodbath. Almost nothing selling, reserves of 600K attracting highest bids of 375K, 10% no bids AT ALL! Most lost are repos, so have v. low reserves anyway!
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Old 29-04-2008, 10:38 PM   #64 (permalink)
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A random example of one that has actually sold:

Lot 36 ( Guide Price: £70k ) From: Edward Mellor Auction 01:30PM, Tuesday 29 April 2008

Address: 6 Bevan Court, Dunlop St, Warrington, Cheshire, WA4

The description from the Edward Mellor website is: Leasehold 2nd Floor Flat Two Room(s) Communal Gardens Vacant © Edward Mellor Auctions

Last Sold Price: £132,500 on 19 May 2006

Auction Result: Sold for £70,000

Today's auction price results in a Loss of £62,500 ( 47.2% ) since purchase on 19 May 2006.
( Not taking into account Stamp Duty, Legal Fees and any Estate Agency fees )
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A funny thing happened today - Ant trolls, stalks, prevokes and generally upsets approximately 15 members of the board, yet Noodles goes to jail. Perhaps it was a dream...
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Old 29-04-2008, 11:10 PM   #65 (permalink)
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This is a very good time to have a few hundred thousand spare bucks/pounds laying around.

The smart ones are waiting in the wings, watching and ... smiling.
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Old 29-04-2008, 11:22 PM   #66 (permalink)
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Quote:
Originally Posted by Texpat View Post
This is a very good time to have a few hundred thousand spare bucks/pounds laying around.

The smart ones are waiting in the wings, watching and ... smiling.
I agree. This is the time for good deals for those looking ahead for rentals, even owner-occupied, and so on.
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Old 29-04-2008, 11:48 PM   #67 (permalink)
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The auction started bad, got worse, then fell off a cliff:

Lot 101 ( Guide Price: £65-70k ) From: Edward Mellor Auction 01:30PM, Tuesday 29 April 2008

Address: 39 Canada St, Manchester, Lancashire, M40

The description from the Edward Mellor website is: Freehold Terrace House Two Floor Three Room(s) Yards Let © Edward Mellor Auctions

Last Sold Price: £47,500 on 14 July 2006

Auction Result: Unsold ( Highest Bid was: £10,000 )

Today's auction price would result in a Loss of £37,500 ( 78.9% ) since purchase on 14 July 2006.
( Not taking into account Stamp Duty, Legal Fees and any Estate Agency fees )
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Old 30-04-2008, 12:23 AM   #68 (permalink)
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Results all in. 115 lots. 13 sold. Unlucky for some!

If you can't sell the repo's what ya gonna do? (Sorry, just tried to make the post relevant to Americans, given the OP...)
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Old 30-04-2008, 05:04 AM   #69 (permalink)
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^ No mortgages! Headlines news at ten BBC1 right now.....

BBC
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Old 30-04-2008, 07:58 AM   #70 (permalink)
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some people have an idea that properties value never go down, but it does, as noted above

it's going to be brutal, eventually the market will dry up as banks will keep them on inventory and forget about selling them
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Old 30-04-2008, 02:04 PM   #71 (permalink)
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Nationwide HP Survey now shows down 1.0% YoY (1.1% MoM) in UK. First time since '96...

http://www.nationwide.co.uk/hpi/?source=nationwide&campaign=homepage&execution=hpi _lhs_25032008
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Old 30-04-2008, 02:14 PM   #72 (permalink)
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Quote:
Originally Posted by Texpat
The smart ones are waiting in the wings, watching and ... smiling.
people who try to catch a falling knife usually end up bleeding. this is a long way from over.

the founder of kb homes is predicting another 20% from here. jesus.

Quote:
Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent.
"I don't think we're anywhere near a bottom in housing,'' Broad told Bloomberg TV at the Milken Institute Conference in Beverly Hills, California. "We're going to have a big inventory of unsold, unoccupied homes that's going to take three or four years to clear out.''
Bloomberg.com: News
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Old 30-04-2008, 02:31 PM   #73 (permalink)
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Quote:
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Quote:
Originally Posted by Texpat
The smart ones are waiting in the wings, watching and ... smiling.
people who try to catch a falling knife usually end up bleeding. this is a long way from over.
The smart ones are waiting ...

Just how much longer is a matter of much speculation. Banks are tighter than a Scottish coin purse at the moment. Watch for when they start lending to each other again -- a marker.
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Old 30-04-2008, 02:39 PM   #74 (permalink)
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^Circa 2011?
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Old 30-04-2008, 02:41 PM   #75 (permalink)
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The plain fact is, housing became too expensive compared to peoples incomes. This has been the case for almost a decade. It was explained away by lower interest rates, lower taxes, tax concessions, that sort of thing.

Don't even think of buying until rental yield exceeds what you would pay on mortgage interest rates, plus some. As recently as 1994 I was able to pick up a canal side apartment in Little Venice, London on this basis. Damn fine investment, and same story- early stages of recovery from the previous real estate bubble.
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Old 30-04-2008, 02:49 PM   #76 (permalink)
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^Quite, people forget that the last crash started in 1989 and was not finished until 1996. And that crash did not have 'helpful' aspects, such as the Credit Crunch, causing bailouts of America's 5th Biggest Investment Bank and the UK's biggest Mortgage lender; record commodity (inc. oil) prices and truly amazing levels of personal debt!

On the basis of it being merely as bad as last time, think about buying in 2014...
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Old 30-04-2008, 03:02 PM   #77 (permalink)
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But there's also an upside for those who resisted or sold at the housing peak or bought elsewhere. It's not all bad news for everyone.
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Old 30-04-2008, 03:10 PM   #78 (permalink)
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^ Too Right!
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Old 30-04-2008, 03:11 PM   #79 (permalink)
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^^Precisely, which is why am happy as a sand boy!
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Old 30-04-2008, 03:12 PM   #80 (permalink)
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It's not all bad news for everyone.
some people didn't die from the black plague either.
quite a few probably benefited.
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