WOT 6-7-2008
You can see where the subprime blew up...
The Great Housing Bubble
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Go banana!
I noticed West LA, downtown and Irvine are white. What does white mean?
Awgee, that’s just the pointer. It is pointing to the color underneath. I thought the same thing at first, too. They could have done without the little white square.
I had no idea what Case-Shiller was, so I looked it up. Here’s what I found…
http://en.wikipedia.org/wiki/Case-Shiller_index
IR, how did you get these numbers by zip? Are you subscribing to them? Really good stuff.
Case-Schiller is probably the best index there because it compares resales of the same houses.
I agree for the most part that Case-Shiller is the most valid source out there right now.
The only problem I have with anything that shows price fluctuations is that a house only gets recorded in the database if it is actually sold. What about all those houses that are just sitting on the market, undergoing 5% to 10% drops in asking prices every few months as they sit on the market? These would not be recorded, correct?
I believe housingtracker.net has something about asking prices on there. Anybody have info on this site?
If you count houses that haven’t sold yet, you would also have to include those who are asking wtf prices and not lowering them, because they have enough equity to wait. Or those who are just testing the market to see if anyone is willing to pay their wtf price.
I was anecdotally told by a broker that house asking prices in the Miami area are dropping but very slowly.
Buyers are quite sensibly refusing to buy. And they could find financing anyway, unless they are perfect.
And of course, there are the REOs.
I would love to see a time lapse version of this over the months. Is this available?
Maybe not for case shiller yet, but here is an interesting time lapse of the USA
http://edition.cnn.com/SPECIALS/2007/fit.nation/obesity.map/
Eep!
Here’s ANOTHER lying realtor who incredibly on May 15 wrote in his local newspaper:
“If you’re ready to buy a home and can afford it, now is a great time to buy.
...Don’t let all of the negative media attention about the “mortgage meltdown” keep you from pursuing your homeownership dream.“
http://tinyurl.com/4m26nb
What a bunch of mo—rs
realtors are! Not only that, they seem capable of saying only 1 thing like a windup toy: NOW IS A GREAT TIME TO BUY. Can the DOJ prosecute them under the RICO act?
I’ll be visiting you shortly and am gonna paint the town red…deep, deep red!
paint it black. black is off the scale
look at the price drop here:
21 Grape Arbor
Irvine, CA 92620
http://www.redfin.com/CA/Irvine/21-Grape-Arbor-92620/home/5931550
Listing Price History
Date Price
May 14, 2008 $909,500
May 21, 2008 $879,500
May 28, 2008 $839,500
Jun 06, 2008 $525,000
and a WTF candidate here:
17532 Wayne Ave
Irvine, CA 92614
http://www.redfin.com/CA/Irvine/17532-Wayne-Ave-92614/home/4657018
List Price: $1,134,000
Last Sale: 09/16/05
Sales Price: $742,000
The first listing has over $270K in “additions” (is it right to assume that this is the amount of money spent on upgrades to the property?).
There are NO pictures of the home - none for exterior and none for interior.
The second listing is in the OLD part of Westpark - “Culverdale”. “additions” over $150k. At least there are many photos of the place.It appears to be fully upgraded to craptastic levels that are rarely seen.
A million bucks for a home in good Ol’ CULVERDALE? I got one I’d sell in College Park for a million dollars
The second listing includes a classic piece of absurd real-estate-ese “custom estate”—for a 2500 sq. ft. house on a 5000 sq. ft. lot. ROTFLMAO.
21 Grape Arbor is accepting blind offers. No pics of the house. No showings yet. I hope everything is intact in there. On teh outside things look good
May be IR should profile this property. it’s one of a kind!
Cubic
Since this is the WOT, I have a couple of musings for anyone who’s around.
What is an “apartment home”?
Are any of those places by the spectrum for sale or are they all rentals by TIC?
IR: I’d really like to see what is happening to “Park Place” over by Harvard Park, if you ever see a property there that is worthy of a post.
Also if you are doing any kind of wish list - I’d like to see properties at UCI and Concordia in a post here.
Thanks for providing a great blog
By the looks of that map, I can see that Orange County really is special. It looks like Ground Zero, just as I expected.
Mother of god, green is < 5% decline? That really hurts.