Trapped in the Bubble
Sunday, July 31, 2005
"You often think, 'Geez, I have this huge windfall,' but your neighbors and the people in the building next door have the same windfall," said Christopher J. Mayer, a professor of real estate at the Columbia Business School in New York. "There are a lot of people who want to trade up, so that's really the problem they are facing."
The New York Times
posted by author @ 9:58 PM,
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Bull or Bear Real Estate Market?
Friday, July 29, 2005
Is the real estate crash a looming reality or a myth in sheep’s clothing? Many people are comparing the recent real estate boom to the stock market run-up and eventual crash in the late nineties. What most people don’t realize is that Alan Greenspan warned of “irrational exuberance” in the stock market in December 1996. What happened next was a DOUBLING of the market in the next 3.5 years!
On the other hand, markets do tend to correct themselves, and experts on both sides of the argument expect a correction. But not many can agree to the degree of correction or the timing of the correction. Most experts think that a correction, no matter how small is still a few years off. And most agree that the market will not “pop”, but will slowly cool in most areas.
Fortune
posted by author @ 6:27 PM,
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Sales of New Homes Hit Record Level in June
Wednesday, July 27, 2005
Bubble? What Bubble?
"Sales of existing homes also set a record in June as the housing industry continues to be powered by low mortgage rates with the median price of an existing home hitting a record high of $219,000, up 14.7 percent from June 2004, the biggest annual increase in nearly 25 years."
Yahoo News
posted by author @ 6:58 PM,
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Most Overpriced Places in the U.S. 2005
Tuesday, July 26, 2005
Here's the list:
1. Seattle, Wash.
2. New York, N.Y.
3. Portland, Ore.
4. Chicago, Ill.
5. San Jose, Calif.
6. Bergen-Passaic, N.J.
7. San Francisco, Calif.
6. Middlesex, N.J.
9. Denver, Colo.
10. Los Angeles, Calif.
Bergen-Passaic, N.J.? WTF! Never heard of it. Wait, this one is on Bergen.
Yahoo News
posted by author @ 10:08 PM,
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Million dollar madness in hot L.A. house market
Thursday, July 21, 2005
Who is this "Pacman"?
"In a market where a software billionaire dubbed "Pacman" has gobbled up a dozen Malibu properties for $180 million and an ocean-view trailer with an asking price of $1.4 million barely raises an eyebrow, buyers need nerves of steel and mountains of cash."
Yahoo News
posted by author @ 6:44 PM,
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Worst year for housing market since 1995
Tuesday, July 19, 2005
In Europoe, that is.
"The British housing market will record zero growth this year, according to data out this week. That would make it the worst performance since 1995 and reignite fears of a prolonged slowdown."
posted by author @ 8:53 PM,
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US housing bubble expected to spread
900,000 Condominiums sold over the past year! I wonder if this has anything to due with the astronomical price of housing, low interest rates, and creative financing such as 'interest only' loans?
"At present, values are racing away in the northeast, California and Hawaii, which were the major hotspots in the 1980s housing boom. In some parts prices have doubled in the last five years, compared to an average 50 per cent increase for the US as a whole. There have also been strong gains in Nevada, Maryland, Florida and Virginia."
Financial Times
posted by author @ 8:47 PM,
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Affordable Single Family Home in Sparks, Nevada
Saturday, July 16, 2005
2 bedrooms / 2 bathrooms / ???? sq. ft. @ $379,900
I'm assuming that this is a 2 bedroom / 2 bath house, but the ad doesn't specify. It also fails to specify the square footage. Nice! I'm sure that's not important to most buyers.
Here's the important info:
"Shopping: Safeway, Longs, Wallgreens, Bag of Bones, Sushi, My Favorite Muffin, Bully’s Sports Bar, Blockbuster, Starbucks, Drycleaners, Keva Juice, Cold Stone Creamery, Subway, Pizza, Mail services."
posted by author @ 12:47 AM,
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Housing Market Boom Continues:
Thursday, July 14, 2005
Long Term Interest Rates Stay Low and Building is Up.
Low interest rate mortgages and strong building numbers, with a significant backlog, are fueling the continued housing boom. “We still have a red-hot housing market,” said David Seiders, chief economist of the National Association of Home Builders. “Surveys of both lenders and builders are showing tremendous ongoing strength with little or no hints that anything is starting to fall.”
Construction starts increased by 12.3% in the West, with an annual rate of 540,000 units. Strong housing permit and construction growth signals a continued strong real estate market in the West.
Reno Gazette Journal
posted by author @ 9:53 PM,
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Condo crazy at the heart of a boom
Monday, July 11, 2005
Get ready to flip those condos!
Ethan Harris, chief economist at Lehman Brothers, says almost anything can cause a real estate bubble to burst. He recalls a Dutch real estate mania that fizzled after a television station aired a story about the boom. Now the CBS news program "60 Minutes" is working on a Miami condo-craze story.
Via csmonitor
An interesting graph at the end of the article. Not directly related to the condo boom, but still interesting...
posted by author @ 9:40 PM,
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Reno Real Estate Bargain
Sunday, July 10, 2005
There are still some good bargains if you know where to look.
3 bedrooms / 2 bathrooms / (14ft. x 66ft.) @ $24,900
posted by author @ 3:04 PM,
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Housing Markets Pricing Out Middle Class
Ouch! Better buy now, or get stuck renting.
By May, the median home price in California climbed to $522,590 — more than double the price in most other states. To buy the typical home with monthly payments of $3,067, a California family would need to earn about $122,700 to qualify for a conventional loan.
Yahoo News
posted by author @ 2:57 PM,
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