Housing Bubble Blog: August 2005

If 'Bubble' Bursts, Legacy of Greenspan May Deflate
Friday, August 26, 2005

So, are we saying that big Al created the Real Estate Bubble, or was it California - with their inflated home prices and interest only mortgages?

LA Times

posted by author @ 11:27 PM, , links to this post

Don't Count on a Real Estate Crash
Thursday, August 25, 2005

Commentator Lou Barnes, a mortgage banker in Colorado, says that the self-appointed bubble police who point to interest rates and creative mortgages have it all wrong. It's location, location, location. And if you're waiting for the real estate crash, Barnes says, don't hold your breath.

Listen to commentary on the Housing Bubble at NPR

posted by author @ 9:56 AM, , links to this post

The boom may be cooling
Wednesday, August 24, 2005

Whaterver! Sales up, sales down, the market is booming, the market is a bust, etc., blah blah blah.

"Reading through the housing tea leaves suggests that the housing boom is becoming a bit long in the tooth," said Anthony Chan, senior economist with JP Morgan Asset Management. "And while this outcome does not necessarily signal a collapse in activity just around the corner, it does suggest that the housing sector's best days are probably behind us."

CNN Money

posted by author @ 11:05 PM, , links to this post

New Home Sales Hit Record High in July

New-home sales in July soared to a seasonally adjusted annual rate of 1.41 million units. That represented a 6.5 percent increase from June's pace of 1.32 million units, which had been the previous record.

Yahoo News

posted by author @ 9:23 AM, , links to this post

Mortgage Rates Rise
Tuesday, August 23, 2005

Existing Home Sales Decline As Rates Rise.

"The overall drop in sales of previously owned homes comes as mortgage rates rose. The average rate on 30-year mortgages in July was 5.70 percent, up from 5.58 percent in June. Even with the increase, though, mortgage rates are still considered low by historical standards."

Yahoo News

posted by author @ 11:49 AM, , links to this post

White Hot Reno Real Estate
Wednesday, August 17, 2005

Wow! This sucker even has ceiling fans!

3 bedroom / 2 bathrooms / ???? sq. ft. @ $525,900

posted by author @ 10:25 PM, , links to this post

Mortgage Education
Tuesday, August 16, 2005

Here's a great home buying primer. With answers to questions such as:

How Much House Can You Afford?
How Can I Buy Before I Sell?
Are Manufactured Houses a Good Deal?
Is FHA Responsible For the Leaky Roof?
Should I Assume the Seller's Mortgage?
How Much House Should You Buy?
Should Unmarried Partners Buy a House?
Questions About Homeowners Insurance
Can You Buy a House, Then "Reverse Mortgage"?
Are Lease-to-Own Deals Win-Win?
Should I Consolidate Debt in a New Purchase Mortgage?

Yahoo Finance

posted by author @ 10:22 PM, , links to this post

Assess Your Area's Real Estate Bubble
Sunday, August 14, 2005

What's this? This article says that you should go with your gut rather than what professional investors / speculators say.

"When they stop believing, prices fall - and no economist in Washington can get wind of that faster than someone chatting over knockwurst at a neighborhood block party. "Economists looking at the macrodata will be the last to know," said Richard A. Brown, chief economist at the Federal Deposit Insurance Corporation."

NY Times

posted by author @ 10:25 PM, , links to this post

'Gorgeous' High Rise Condo in Reno, Nevada

"Gorgeous views from this popular dowtown high rise condo located next to the Truckee River. This nice looking 2 bedroom, 2 bath condo is a corner unit with unobstructed views of the river, mountains, and of downtown. Features include large wrap around covered deck with floor to ceiling windows, custom drapes, and much more. The association includes 24hr security/doorman, most utilities including central air, heat, hot water, cable TV, pool and more."

Link

posted by author @ 12:34 AM, , links to this post

Hot Vegas Real Estate
Friday, August 12, 2005

This would be a steal in Reno, NV.

5 bedroom / 2.5 bathrooms / 2,500 sq. ft. @ $399,900

posted by author @ 5:32 PM, , links to this post

California real estate affordability sinks further
Thursday, August 11, 2005

"Typical household needs $125,870 income to buy median-priced home."

posted by author @ 10:45 PM, , links to this post

Realtors: Home sales near all-time peak

Is the housing market close to a peak?

"Housing, now in a boom of more than four years, has defied economists' expectations for a slowdown this year as long-term mortgage rates remain stubbornly low. That has led economists over the past two months to boost their 2005 targets and forecast another record year for sales and construction."

CNN Money

posted by author @ 10:35 PM, , links to this post

Red Hot Reno Real Estate
Tuesday, August 09, 2005

1 bedroom / 1 bathroom / 1,228 sq. ft. @ $289,900

That's $286.00 per square foot.

If I remember correctly this model (NEW) went for $175,000 in 2004.

That was $142.00 per square foot.

posted by author @ 9:35 PM, , links to this post

Cash-out refis soar
Friday, August 05, 2005

If you haven't already refinanced your $200,000 house to buy a $32,070 Hummer H³, what are you waiting for

Americans are using refinancing to take cash out of their homes -- but that can be a risky strategy.

Other good uses include retiring more expensive debt. Mortgage loans are far better for the borrower than high-interest credit card or auto loans and can even have advantages over student loans, said Moulton, "The government is a partner in paying off mortgages." Not only are interest rates lower than other loans, the interest is also tax deductible.

CNN Money

posted by author @ 11:22 PM, , links to this post

Reno Real Estate Comps
Thursday, August 04, 2005

Both in South Reno - Double Diamond

Some say that the Hot Real Estate market in Reno has cooled, but take a look at these comps.

4 bedrooms / 3 bathrooms / 2,582 sq. ft. @ $575,000

4 bedrooms / 2 bathrooms / 2,068 sq. ft. @ $475,000

posted by author @ 9:58 PM, , links to this post

Most Expensive Homes In The World
Wednesday, August 03, 2005

Why does Forbes always try to rub it in? Most expensive this, richest that, etc. Now there's a list of the Most Expensive Homes In The World. Your's is probably not in here.