Whistlin’ Past The Graveyard
Chuck Ponzi August 20th, 2007
I hope this amuses you as much as me.
How anyone can say this about our current market considering the data available is appalling.
Orange County, California, real estate appears to be “picking up.” At least according to local real estate professionals.
With 42 miles of beaches and close proximity to busy Los Angeles, this city has healthy demand — that should bring about a 5 to 7 percent appreciation rate this year.
Median home price is $734,000. Home sales are up 1.4 percent from May, though down slightly from last year at this time. Statewide sales have dropped 24.7 percent.
Notes one local expert, “Homes will stay on the market months longer this year — few will have multiple bids the day they go on the market like several years ago — but they WILL be sold and most at the original or slightly reduced selling price as sellers face reality and price their houses equitably.”
Wow. Just Wow.
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Think some people are jumping on Jumbo’s and the slight price declines?
The typical pattern is the realtors marketing will get to a few people. They hear real estate is going down but don’t see any data (not checking sales/inventory).
If it weren’t for the few blogs what real data would be out there?
Didn’t the blogs call LA and SF bubble proof just a few months back? Not to mention they are still saying there are good markets.
That is a triple wow.
I am not amused, I am stunned.
We are not even in the eye of the hurricane with this problem, it’s barely a drizzle
Lenders and Brokers:Only focus on conforming!
I received this just now from INDYMAC. They are a large thrift based lender that does retail and wholesale….
http://www.thegreatloanblog.blogspot.com/
If you are going to be dumb then you better be tough!
I am shocked and stunned, but there is a sucker born every minute, and they are fishing for this minute’s sucker.
It’s only a matter of time before the realtor retards have to move on out of real estate flipping and back to Burger King flipping burgers. Timing of May 2007 data will be the last “slight” surge will see since the melt down happening with the mortgage companies…. let’s see what happens from here on out. When did the median price go to $734,000 in Orange County?? The OC Register had been reflecting the median around $650,000 so not sure where the number on this recent posting comes from….
I thought the financial wizards would appreciate these charts and analysis from Countrywide on thei entire services portfolio:
http://thegreatloanblog.blogspot.com/
I don’t have a google account so here is an offtopic ramble.
Mozzilo and Countrywide… he had lots of options in the works so he says the market is in great shape and goes on and even bigger loan making spree.
I wonder how much of that was offering extra heavy teaser rate stupid loans to bail out the high rate of failure of loans in existance.
That would be a last desperate measure to keep stock prices up long enough to cash out.
OK… Not the last most desperate measure… till a handout from the FED allowed him to keep going for another few months… perhaps till the next reporting cycle.
Sorry to keep a rambling…
Be nice for Chuck or some of the other financial people to describe the point where you are into the death spiral.
Off topic but relevant to the Countrywide situation:
Countrywide Seeks Cash.
http://thegreatloanblog.blogspot.com/
I’m still paying off my place in Anaheim early next year & riding it out debt-free.
I went through the last crash 12 years ago; if this one follows the same pattern, we’ll see a 50% drop in the next two years, with an overshoot to probably a 60% drop before bottoming out. Since the relative prices of houses seem to hold in proportion, I should be able to pick up a repo at that point no matter how low my current place goes.