South Florida Bubble Trouble

2015 economics

2011-09-22T08:08:00.000-07:00

eh... what did I say six months ago?? second leg down.. hmmmmm looks like I am not far from wrong. Look what 100 economists say about housing recovery :click

Been following ray Dahlio nd while I am no experience or thoughts regarding economies it is interesting to note that Ray sees 2012 and 2013 as very difficult.
here is newyorker mag article, lengthy but worth the read:

click

an then there's martin armstrong who calls for slight bump in 2015 and 2032 is the number. click

supply and demand:
I vaguely remember 2015 as the number suze orman mentioned, not that I am fan or follow. interesting how 2015 comes to everyones conclusion.

click er... wait til the banksters start rolling out the foreclosures again.

Blahs

2011-06-07T12:05:00.001-07:00

Persistently:click

No more risky lending:click

Walking away:click

Harvard says housing sucks: who knew: click er... we been saying this for how long?

I suppose everyone saw the post this morning where half of all pb county is underwater? surprise surprise... Im betting second leg down. I have been wrong before.
click

Buying a foreclosure?

2011-06-06T12:12:00.000-07:00

When foreclosures defintely are not a good deal.click can you imagine... well yeah I can from my own view, Its B of A.

I havent forgotten about you all here. since I smashed my wrist to smithereens, its not easy to type. but so it goes. Had somebody make a low ball offer on our house contingent on them sellings theirs, we said no. We arent that... desperate.
What i did learn, never buy a home in my opinion in a development when the general population is a lot older than you are. Here's the problem, the people pass on, the
family doesnt want the home , the home doesnt have a mortgage and dumps it to get rid of and brings down the comps for the whole hood. We are experiencing that now. Who woulda thought? Can't think of everything. expensive lesson learned. I am beginning to call our street widow's walk because that in fact is what it is.

We have been watching a foreclosure over on Siesta key close to some friends. What a wreck, ended up being a bidding war and the buyer paid more than the bank was asking.
384k when the bank was only asking 314. Home has some major problems, like its graded for the water to run towards the home not away and not easily fixable since there is a pool there. the former owners borrowed over a million, allegedly bought property and put it in their sons name and told the bank to take a hike. Back to, you can steal more money with a pen than a gun anyday. It is/was a real hack job of a house and in my view a tear down. But everyone to their own taste. Meanwhile lowes is delivering appliances this week. something tells me rental or resale, not organic buyer.

I looked up the sales record for sales here in our hood and every eventual sale the seller either lost money or only profited by 10-15 percent. Only one made a home run so to speak.

We all know what happened with the recent Case sHiller, down 51 percent from high and hits answer low???click could it been we are in for another double dip low??? with the speculators obviously scurring about,
the real organic number will be a few years away. But come it will.

I have a good friend who owns a used home sales company near Washington D.C. weirdly enough they are struggling and he doesnt see any movement for 7 years.

Is the price right?

2011-05-08T05:59:00.000-07:00

Notice in our last entry that investors bought a waterfront property for
60 percent of the loan value.

There is a investment group having meetings etc and in their partner program
they say: "We typically do not pay more than 50% of the future retail value of a property" so is this price right? what is future value????

Forecast:click

home prices in double dip:click

Housing double dip:

click

second dip

2011-05-06T07:18:00.000-07:00

so the question remains will the predicted second dip come in housing? the second leg down? good question. we think so, but then we have been wrong more than once.

Had people look at our house, they were from Mexico, getting away from all the stuff thats going on down their way. They were supposed to make an offer but then everyone knows how that goes. so here we sit. thankfully, not over extended and not underwater. I cant complain. I love the area but the driving to Fort Lauderdale got old two years ago and with gas pricing approaching 5 bucks its getting expensive as well.

Deliquents: click

we see that a group bought a waterfront property in hallandale for 60 percent off:
click so maybe thats the number? they obviously have more insight and funds than me and the 60 off the loan amount not asking price.

squatter rent: click a new concept, free house and free money, the American way.

double dipped:click

biggest losers

2011-04-26T05:55:00.001-07:00

in real estate that is:click

slipping and sliding: the case shiller that is: click

New rules for mortage brokers:click

citizens to drop policy holders with chinese drywall:click

the truth??click

double dippers:click

Happy Bunny

2011-04-22T12:00:00.000-07:00

Spring and Sprung. The forecast for housing is: click

76 percent off: click

Up and down:click wonder how many were organic buyers and not speculators.

zillow: real estate porn?click

Pipe Dreams

2011-04-08T06:46:00.000-07:00

in Florida that is; click

Real estate losses signal audit;click

Oh no fraud in Miami, imagine that:click

Foreclosure folly

2011-04-04T09:53:00.000-07:00

Seems like the foreclosures are still coming: click like a whole hotel down the street.

We saw the piece in the paper as well, homeowners getting free homes. What they arent telling you is along with getting free homes there is no capital gains taxes due either, as funds received via lawsuits are not subject to taxes, I would guess that this would include a free home as well. While we dont respect short cuts taken by banks and lawyers, the bottom line is.. nobody forced anyone to sign on the dotted line and rewarding someone with a free home is rewarding irresponsible behaviour. I can understand if someone is permanently disabled from an accident or terminal illness but otherwise, I truly dislike the giving away of free houses.
This isnt the firm time I have heard of it. Then there are those that borrowed huge amounts of money, bought secondary property and put in a family members name and
let the bank take back the original home. They are still ahead over a million dollars, or so. back to the old adage, you can steal more money with a pen than a gun. Those persons in my view were very quick to put it all on the pass line when they thought there were big rewards and now... kings X I didnt mean it ???

Case Shiller back to 03 levels: click

More mess to come:click

So anyways...

2011-04-02T07:45:00.000-07:00

Been snooping around at WF lots, just for fun. saw one on the N. Fork of the new river, couldnt understand why the sellers were selling, they just put in a dock and bought the lot from Sterling bank last year, so the used house salesman was nice enough to reply, that the sellers were going to build their dream house but "nuts" from the historical district turned their dream into a nighmare and they are selling. un quote. what's that say for future buyers.... not much.

I forgot how scary the govt cant be. I met a girl a few years back that was building a small house on the water, she was from Chicago, she said she had the worst experience in 20 plus years with the building police. Now whether thats true or not, I dont know but makes cause for concern. I have since aborted all plans for a WF lot in the city. Things like having to get a building permit for new cabinets, and of course adds to value add to tax base. To rigid for me.

Years ago they wanted to get rid of all the boats and wanted to institute a no renting of docks period, they still wont allow open advert of same and if you had a nosey neighbor what would happen if they happen to rat on you for having a friends boat in your front yard??

Meanwhile as you know the case shiller fell again, surprise surprise.

Nice little chart to read before you buy or sell your home: click

we are still here

2011-03-22T06:10:00.000-07:00

havent forgotten. guess where the worst housing markets are, you will never guess:
click

Zip realty folded their tent.. wonder what that says.??? I was surprised.

Still builders asking highly inflated prices (in my view) around here. say like at the top of the bubble? wonder who will buy/?? guess they havent gotten the memo and who would build a development now?.

Nobodys home:
click

Help I have fallen and cant get up: click

Not here

2011-02-05T08:04:00.000-08:00

Home prices expected to climb in 2011 but not here:click

Boom Boom:click

accleration:click

only in south florida:click

Surprise

2011-01-25T09:30:00.001-08:00

Florida home prices slide to new low:act surprised would you. click

Housing reset: click

dip it a doo dah:

click

Slog

2011-01-13T13:30:00.000-08:00

while home prices are predicted to stop falling in the spring, our market along with AZ, NV are predicted to "slog" click
Once again some outstanding charts; click

oh look we made the list:click running out of home buyers that is.

Happy

2010-12-31T06:24:00.000-08:00

New Year.....
Babs Cochran speaks: click while we arent impressed with the video the nice little survey at the bottom of the page tells all. last we looked over 60 percent of readers aren't buying it. literally.

Tank's for the memory:

click

20 percent more: click

think again: click

Shiller speaks:click

2011

2010-12-20T09:58:00.000-08:00

we are here just been busy, got lucky and sold a couple of widgets. thankfully.

Meanwhile, 2011 wont produce any recovery in housing prices according to this article:click

since our last post had a run in so to speak with a used house salesman. bottom line the sales person ended up selling the potential client for our house a home in a development that is riddled with foreclosures, because it was cheap. I told the persons there were 2 other exact homes on the same street owned by banks and over 50 LP's filed within past six months. Bottom line, this person sold the person the cheaper home and I wonder if this person informed the buyer of same? The buyer a elderly lady is not computer saavy and I wonder if she knew or cared?
I don't understand why anyone would willingly buy in a development with numerous LP's and HOA liens, isnt it obvious someone is going to have to pick up the short fall of cash? Just sayin...... If someone sold my aged mom a home in similiar development I would be highly concerned.

We like the following charts, risky business and all.
click

How low can they go:? click

Glug

2010-11-14T05:13:00.000-08:00

Underwater blues:click

and yes there is a polygamist with a lexus. Sister Wives on one of those discovery channels. As a big fan of "big Love" I watched it once and found it oh hum.
we can't wait for the next installation of Boardwalk Empire though. We cant imagine where they got all of those lamps, cigarette cases etc. its simply amazing. Its almost as much fun watching the antigues as it is the story line.

foreclosures are not going away:

click

Zillow thinks housing may bottom first half of 2011..??? dont think so especially here but then what do I know. click

Meds

2010-11-13T05:40:00.000-08:00

While emphasizing that 2011 would be a better year than 2010, and certainly better than 2009 and 2008, Joseph Gyourko, a real estate professor at the University of Pennsylvania's Wharton School, said anyone who believed in a "V-shaped" recovery "needs to get back on their meds."

well that says it, doesnt it. and oh yeah there was a story about less is more in real estate. and the shrinking house:

click no wonder Mad Max's plungers are selling for zip. maybe its not the fashion anymore unless you have 22 kids and counting?? or maybe a polygamist with a Lexus?

Oh squash: click hopes for housing that is

Bubble

2010-11-11T04:51:00.000-08:00

Bubble toil and trouble. half of all foreclosure sales in PB county called off:click

who woulda thought 78.00 sq ft. Mad Max's plunger of the day. you cant build a dog house for 78/ft. and with a 20 percent predicted drop that makes it.....?

south florida values continue to plunge:
click

more of the same with some pretty little charts:click

Back

2010-11-07T05:30:00.000-08:00

we are back.... busy with the boat show and yes we actually sold some widget ., singular.unexpectedly I might add.

So anyways.... prices going to fall another 20 percent kiddies....
click Shilling thinks so anyways.

and over at Housting story. September the fifth worst on record. click and yes B of A back to business as usual.

And here's another pretty little chart to explain why:

click

a tale of two cities:

click

Billions

2010-10-18T15:43:00.001-07:00

Mortgage buybacks may cost banks billions click

Trillions???? are Zillions next?click

Bank of America back foreclosing:click

Where will it end?click

foreclosure folly

2010-10-17T06:42:00.001-07:00

local lawyer in the crosshairs:click

Bank blunders:click

Key word, "worst recession since the 1930's"click

American death spiral:clickwarning crass language.

buyer beware...

2010-10-15T13:02:00.001-07:00

thinking about picking up a steal in a foreclosure?? what's to preventing this happening to you...click members of the million dollar bank donation club. how would like to be the investor who purchased and rehabbed ?

Here's a more local million dollar donation club member.

click after the lender bought it back for 323k since no one else apparently would. parts and pieces reportedly still are turning up missing. last week it was reported an electric gate. the former owners purchased for 200k and managed to leverage over 1 million in "donations" from banks.

Chinese drywall:

click

From bad to worse:click

Foreclosure fun

2010-10-12T05:00:00.000-07:00

this foreclosure mess is a whole lot bigger than anyone wants to talk about in my opinion. First there are the buyers who cant buy: click then there are the lost commissions to the used house salesmen, and oh yeah what about the non performing asset on a banks books?

could this indeed bring down the banks? could the overload of inventory when it finally... reaches the market, over stress the court system and put prices in a death spiral?? good questions.

then there are the title issues. click

we read about some guy that bought a house in Dade I believe that was a short sale only, paid cash and the bank still proceeded to foreclose because of faulty paper work. He ended up with expensive legal bills and still no house. be careful out there. we wouldnt be surprise if this happens again due to faux paperwork.

Foreclosure law firm in question: click

Foreclosure mess could unhinge market... gee ya think ? click

old news still relevant: foreclosures could ruin florida:click

free rent, free house

2010-10-06T05:16:00.000-07:00

This foreclosure faux paus could indeed ruin Florida, what's interesting on this page, the mortgage had not been paid in two years and the owner want's to leave on her own terms... say what ?... I am missing something here. click

South Florida bankruptcies up over 49%.. psssst... over here. You aren't going to get a free house, you will stall the proceeding and buy time. click

Or how about one in 5 homeowners will default, death spiral of home prices?click

Foreclosure folly

2010-10-02T08:40:00.000-07:00

can you imagine, the amount of foreclosures, the system being halted coupled with recasts in Aug of this year which will ultimately become more foreclosures beginning around December???click

this message says it all... “It is my opinion that this may be a lull before the next storm,” said McCabe, who is widely quoted in the national financial press as an expert on South Florida's real estate market.

then there's the inventory problem,
click here

Mad max mentioned all the time plunger alert. lower than cost to build 9 years ago.
previously sold for 710 now 3 something? gee I want to step right up, as "this is a great time to buy, prices will never be lower".....

Foreclosures folly could ruin Florida

click

chaos

2010-09-23T05:32:00.000-07:00

foreclosure fun, seems paper shuffling, etc. one congreeman wants to halt all foreclosures in florida:click

piles of chaos;click how about the willing particpants, like the publix clerk who qualified for a million dollar mortgage?

Flippers folly

2010-09-21T05:05:00.000-07:00

Here's one: click apparently the seller who purchased it from a bank for 400k last year, believes the recession is officially over and the property is now worth 295k more. purchase here: click how bout those 15k year taxes eh......we found one outstanding mtg for 300k. I guess he didn't get memo that I got from the local used house salesman.

Oh look, I like this guy, he predicts a fall in prices: click

more free houses???click

Plunge Alert

2010-09-14T14:12:00.000-07:00

asking 390k, waterfront, short water Deerfield: click

price history: Price Reduced: 08/14/09 -- $610,000 to $595,000
Price Reduced: 09/09/09 -- $595,000 to $470,000
Price Reduced: 10/12/09 -- $470,000 to $430,000
Price Reduced: 12/03/09 -- $430,000 to $427,000

purchased in 03 for 397k.
click

Flipper folly??

short sales

2010-09-12T06:28:00.001-07:00

I also wonder about this click

they left one source out, greed:click

Free money and free homes:click
we love the comments

zero property tax:click

just for fun we looked at the palm beach foreclosure calander for october 5th,
there are 104 sales that day :click

someone who has trying to get me list my house with them wrote: "The market continues to be polarized. We’ve got lots of inventory….and few buyers. According to (redacted)’ research, this condition is projected to continue for the next 3 -5 years minimally." .

Flippers

2010-09-09T05:44:00.000-07:00

3-5 years sell for double?click we think they are in for a huge surprise.

foreclosure folly:click

broward leads in foreclosure filings:click

Let it fall

2010-09-06T06:43:00.000-07:00

we have to agree:
click

and we just figured this out now....click

foreclosures:click just wait. the catch me if you can aug 2010 recasts should be hitting about now.

HELOC hell?click

Pending home sales

2010-09-05T07:18:00.000-07:00

here's a well put little chart with an eye opening view:click

deliquencies rise:click

old listing, new news, remember 3701 N.E. 34th. paid 775k had a bunch of
plaster architectural features? anyways zip sent me a note it was being adverted as a short sale with asking of 599. dont see it now. someone bought it no doubt,
here is original purchase:

click

Property taxes to increase; click

Hope you had a fun weekend. will try and publish at least twice weekly. wrist still painful.

Plunge Alert

2010-08-23T08:23:00.000-07:00

Exisitng home sales plunge; imagine that...

Homes no longer a path to wealth :click 20 years????existitng home sales

Fla realtors get bp dollars:

click

McMansions

2010-08-22T07:16:00.000-07:00

are now ixnay in Fort Lauderdale:click

Huge mess coming:click

15 signs headed for total collapse:click

my view, in about 60-90 days from now, those recasts that are happening will start the foreclosure ball steaming along. All those catch me if you can, loans will now be
escalated to points unpredicted.

more foreclosures of builders:

click

Plunge

2010-08-10T15:31:00.000-07:00

what goes up.... must come down....click

mcmansion ville horror??click we love the comments

Foreclosure fun:click

appeal deadlines:click

27%

2010-08-05T05:39:00.001-07:00

foreclosures and other events caused home values to plummet:click

Economic problems from foreclosures:click

Federal reserve and foreclosures:click

Florida foreclosures the bigger they are:click

get the lead out, new rules concerning homes built before 1978. click

Drywall litigation heats up:click

trapped

2010-08-03T04:34:00.000-07:00

19 percent of all home owners trapped:click

More foreclosures could cause double dip recession:

click

Home flippers back:click

first chinese drywall case gets 2.5 million:click

My my

2010-07-31T13:55:00.000-07:00

prices in McMansionville tank:click love the comments.

Glug glug: underwater:click

Fell upon this auction site, not sure about it as I havent had the time to research it: click

Biggest losers: LHP....click

sellers

2010-07-31T06:09:00.000-07:00

unhappy with realtors:click

here's a list of significant foreclosures, seems Ocean Bank wants their money:
click hotels, condos, you name it. impressive list.

New tax on sale:click

Foreclosures

2010-07-29T05:38:00.000-07:00

Oh lookie Florida is first again;click

wait till the end of August when all those exotic interest only catch me if you can loans recast....

oil causing problems for us all:
click

thanks for ref for Pam. will give her a call. Seems nobody is buying the pigeon holes in south beach:

click

case shiller

2010-07-27T17:30:00.000-07:00

prices increase in So. Fla. click

Thanks 140 re 51 st. interesting, the seller signed an option to sell in Feb of this year and buyer must have not exercised option,

click I read about all sorts of issues with lead with homes built before 1978 if my memory serves me correctly. has to do with paint. expensive as I recall. not that this had anything to do with this situation.

real estate listing here:
click

speaking of LHP. I sent one of those used house salesmen in LHP an inquiry. told them I might be interested in renting one of their listings. told them I was a home owner with a paid for home, and good tenant etc. self employed. net worth over 1 mil.
never heard back. imagine that. I will remember should I have a need for future services in that area to be sure and avoid this company. typical. times must be ultra good in lhp for the used house salesmen. I will however write the owner directly should I have further interest. Thinking about renting my house and renting out a house further south. want pool, dock, etc. don't want to decrease my standard of living as they say.

Max's mcmansion seems typical. Was out in wellington today on an errand at the mall.
nobody there. I wonder if the city of wellington is still employing janitor fish for the plethora of green pools. no doubt they are.

wrist getting better

Ms. J.

zip

2010-07-25T09:09:00.000-07:00

here's a nice little chart from zip showing Florida the worst place to sell a home.
surprise surprise click

death

2010-07-23T14:21:00.001-07:00

of blogs ???click

Mortgages

2010-07-16T07:00:00.000-07:00

here's a nice little chart:click

3 more years:click

bank repos up..click

2010-07-15T05:33:00.000-07:00

Gimme more.... foreclosures that is click

shadow inventory?click

double dippers;click

surge:click

50 thousand

2010-07-14T07:03:00.000-07:00

foreclosures that is click wait till the Aug recasts in the upper level mtgs..

guess where the 10 worst real estate markets are ?.click

More free home tricks:click

Home loan apps at 13 year low;click

Foreclosures

2010-07-09T05:52:00.000-07:00

Up surprise surprise, wait till those recasts in August eh....click

and speed it up would yah? does someone see the coming tsunami?click

Prepare for a dramatic decline in housing, didnt some say housing prices to tank?click

The rich... are walking away:click

Biggest loser

2010-07-07T05:18:00.000-07:00

almost half of homes sold, sold at a loss: click

fire sale? we several golf club communities fall into foreclosure:click

Home prices are still to high and going to tankclick

wrist getting better, can type w/both hands although painful.

Worst

2010-07-04T05:30:00.000-07:00

case scenario,
we have been watching the oil spill thing, whats the worst case scenario? how about all those wf property owners. One in Pensacola has filed a class action. BP fund managers says not enough money to pay property owners:click never mind oil on your beach what about dead animals and fish and a slurry of noxious toxins?

we saw where the used house salesmen were losing deals of people backing out of WF property.

With the long range predictions of the oil marching up the coast from the keys, what
will this do to sinking values? Time will tell.

Ms. J.

Falling

2010-06-30T05:45:00.000-07:00

property values fall in PB county:click

Foreclosures sales on the rise:click

case shiller Florida falling:click

Glug Glug

2010-06-29T05:15:00.000-07:00

44 percent underwater, 1 in 5 walkaway?click

The what ifs, what if the oil spreads further here and more walkaways and cancelled contracts?

Here's a dandy little chart from condo vultures that shows more added inventory, could it be sense of something bad coming like a sea of toxins?click I know I am over reacting.

Plunger alert

2010-06-24T06:02:00.000-07:00

2630 N.E. 38th listing here, click nice work on the part of the used house salesman with the photo of the stained head (toilet).

purchase here:click

thanks 140, looks like a tear down to me.

Ms. J

Collapse crash

2010-06-24T05:21:00.000-07:00

Worst collapse in new home sales ever:click gee wonder why ?

We lived in Sobe 5 years ago and visit, stay over on a friends boat every few months. We were just there a few weeks ago. If anything its 10 times worse as there are a lot more condos. I have gotten spoiled here with Whole Foods, Publix green market and Carmines all within striking distance and I can find a place to park my car anytime of the day at the supermarket. The homeless outside of the gate at miami beach marina were a new finding. I had to wait for a prescription for pain meds after having a root canal almost 5 hours. As said the everyday business of living is like living in a large city with few resources. The local health care leaves something to be desired as well in my experience.

Buyers picky

2010-06-18T04:40:00.000-07:00

picky;click here

August is coming with recasts galore, throw in oil contamination and a hurricane and we would be in deep trouble.

No recovery in sight:

click here

got the hardware out of my wrist last friday..

South Beach, we lived there for 2 years at Sunset Harbour Marina on our boat.

What it is, fun, great restaurants, great gyms, events. The down side, grocery shopping is a nightmare, so is anything to do with getting a prescription filled,
buying a home item, only one small hardware store and parking is a nightmare to do any of the above. 12-15 to park at a restaurant, no free valet there and isolation from real world needs.

Fun place to visit but I wouldnt want to live there again,

Ms. J

up

2010-06-09T05:47:00.000-07:00

told yah... act surprised would you.......click

bubble

2010-06-01T07:53:00.000-07:00

bubble oil and trouble

here's a goody from the times click
still typing w/one hand. been watching the oil thing, this in my opinion has high probabilty of failure and has a high probability of coastal damage here, especially if we have a hurricane. if interested theoildrum.com is ameeting place for geologist and other petro professionals, the implications of real estate destruction is something to be considered.
the press has been silent regarding gulfstream fluid communication and the potential
for air and water contaminates.
there is even unsubstaniated rumor of planned mass evacuations if needed.

we live on an island, across street from water, and will keep a keen eye on events.

ms. j

we are back

2010-05-26T04:57:00.000-07:00

google pulled the plug on us but thankfully gave us back our blog. more later

walking away

2010-05-20T10:46:00.000-07:00

4 in 1o click wait till August.....

plunger alert 2810 n.e. 51st thanks 140. click interesting the seller has signed an option to purchase on 2/10/10 which expires on june 1 for that same propery if I read the record correctly.

will post when I can...

rebound

2010-05-15T05:12:00.000-07:00

when will market rebounf click
another leg down:click

just

2010-05-13T07:29:00.000-07:00

the facts.........click

bottom ?

2010-05-13T07:07:00.000-07:00

"RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009. One in every 387 U.S. housing units received a foreclosure filing during the month.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis. We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

Foreclosure Activity by Type During the month a total of 103,762 properties received default notices (NOD, LIS), a decrease of 12 percent from the previous month and a decrease of 27 percent from April 2009 — when default activity peaked at more than 142,000.

Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 137,643 properties during the month, a decrease of 13 percent from the previous month — when auction activity peaked with more than 158,000 properties scheduled for auction for the first time. Auction activity was up 1 percent from April 2009.

Bank repossessions (REOs) hit a record monthly high for the report in April, with a total of 92,432 properties repossessed by lenders during the month — an increase of 1 percent from the previous month and an increase of 45 percent from April 2009. Bank repossessions were less than 1 percent above their previous peak of 92,182 in December 2009. "

plunger

2010-05-12T13:04:00.000-07:00

plunger alert: listing here purchase here click it appears not verified only mtg is for 27k. adverted as short sale.. it also appears that one of the ownes expired according to records today.

too bad about the deerfield school system horrific event and bad press.

fannie

2010-05-12T05:40:00.000-07:00

most important sentence, they are inflating marketclick
free money:click

53k backlog: click

glug

2010-05-10T09:38:00.000-07:00

we see zillow has new zestimates what ever that... means. as I find zillow to be wildly out there....click

good piece on 60 mins last night about walkaways.... could be/is/ has been a popular alternative. fear of going viral

bad... /? click

wrist watch

2010-05-09T12:46:00.000-07:00

external fixator and seven pins later....had surgery and getting better slowly.
still typing w/one hand.

I see today in sentinel that condos have new financing visa vie fannie mae.... oh goodie....click
now that sucker season has passed... can't wait for the recasts in August.

falling: click

the used house salesman was here... admitting that things are mighty slow out there.

blog

2010-04-09T15:47:00.000-07:00

I just returned from e.r. room, I broke my wrist again..needmessw to say,
typing one handed is not easy. sooooo. I dunno when I will be able to blog again....
ouch..... thank you for your support
miss j.

Up

2010-04-09T02:02:00.000-07:00

up and away:click

Plunger alert; ding ding ding: here is a cute little cottage; purchased in 04
for 485k; click
looks if mortgage is for 385k, if I read the record correcty. on the market for 56 days at: $399.00 click we predict high 2,s low 3,s.

Here's another with a wish price;click complete with fire hydrant. according to my reading of the records 950k is owed. purchased for;
clickbeen on the market for over 600 days...

rmbs up in every state:click

entitlements

2010-04-08T01:13:00.000-07:00

click

house mentioned yesterday. from what i read is heavily indebted. there are two lp's filed according to what I read. thats why they are asking 665 and adverted as short sale. I wasnt interested enough to look up the loan amounts. Bet is goes back to the bank/s.

Jumbo increased defaults:click August is going to be interesting with the recasts on these loans.

McMansion
Plunger Alert: looks like this was has been around since 08: click
listing here;click

No mcMansions

2010-04-07T01:40:00.000-07:00

at least not in Palm Beach County historic districts:click

Here's what the inventory really looks like:click

Foreclosures slide : so say:click

I see the used house salesmen not posting the addresses on certain homes. big secrets??
here's one: click purchase here;clickadverted as a short sale, bank united filed an LP on 3/16/10 and b of a filed on 1/81/0 listing says unit leased. wonder if the lessee persons know about the lp's?

New rules:click

up up and away

2010-04-06T01:39:00.000-07:00

Mortgage rates up this week:click

The next wave:click

Pumped:click

pending home sales florida;click hmmm what about the disconnect?????

parsing pending home salesclick

FEMA

2010-04-05T03:56:00.000-07:00

New fema flood map: click

Flopping:click

Mcmansions no longer in vogue:click

sluggish market rest of 2010:click

memories:click

Happy Bunny

2010-04-04T01:05:00.000-07:00

see yah tomorrow !!!

Mcmansions

2010-04-02T18:53:00.001-07:00

Generation Y not interested in Mcmansions:click

gut job:click

Its a mirage:click

Sand states:click

Email

2010-04-01T15:35:00.000-07:00

We recently got an email from the local used house salesman company. what is significant is the following "we have qualified buyers but there remains a disconnect between what buyers are willing to pay and what sellers are willing to accept". imagine that. perhaps sellers are suffering from "ed" ego and or debt?

The end:click

case shiller break down:

click

foreclosure roundup:click

record low:click

Down

2010-04-01T06:37:00.000-07:00

help Im falling & I cant get up:click

Lagging:click

double dippers:click

Lighting is about to strike twice in Fla:click

Extend and Pretend

2010-03-31T05:39:00.000-07:00

Meditiation in Broward: click

Real estate and Reits:click guess they havent seen the numerous retail ghost towns around here.

waiting for the end:click

Mcmansionville: you dont have to look very far to find samething around here. can anyone say wellington with janitor fish laden pools?click or Mad Max's plungers???

Plunger Alert

2010-03-30T06:06:00.000-07:00

ding ding ding: purchase here for 1.375 and foreclosure: click its on zip with the incorrect #, for 692,900. directly on the intercoastal in the drive fast zone. No mention of bank ownership.

broward auctions go live today:click be careful out there. chances are if its too good a deal, it isnt. its a second lien by a bank of hoa. They don't tell you that part.

The tax man:clickits not to hard to figure out that taxes will be on the rise to makeup for the shortfall. at least the way we see it here.

How low will it go:click

2015

2010-03-28T15:21:00.000-07:00

2015 mortgages will be underwater till:click

we are having weather issues today short blog. connection down. flooded. surprise surprise here in the wilderderness of pb county.

mad max plunger of the day:
Anonymous said...
Another one that did not hold its value that was paid brand new.

Sold: 3/2010 for $380K
New Price: 10/2007 for $829K

http://www.bcpa.net/RecInfo.asp?URL_Folio=514031031100

That is a major short sale. $449K (54%) loss in just over 2 years time.

How does this recent $380K sales price affect the adjacent.

Purchased: 11/2007 for $629K
Purchased: 8/2007 for $892K

Oh my!

2500 sq ft Max.

Not Yet

2010-03-28T05:46:00.000-07:00

bottom not yet, nice chart:click

The bigger they are: we first saw this house from the water, it strongly appealed to me because I am from the Pacific, and seeing the familiar architecture it immediately peaked my interest. That was in 07. Unfortunately the house inside is not representative of the architecture in my opinion at all and plus there are 65k year (gasp) taxes which I would never pay ,I am not a club person and its way too big for us. But it was fun to ponder for a while. Out of curiosity been watching the house, someone purchased it from an estate in 07 for 3.5 and now it is listed for 3,4999. listing here:
click it is rumoured speculators who paid cash.
purchase here:
purchase It is also rumoured that the flippers put around 250k in the house trying to make it more asian inspired. Owning for 3 years, plus upgrades and commissions might add up to around 500k plus loss.

Extend and pretend:
click

Mad max plunger of the day;
Massive tract home McMansion foreclosure that the bank took back 3/22/2010. This baby sports a rather impressive 4600 sq ft.

Are you ready for this...purchased 5/2006 for $1.2 million. Thats is correct, over $1 mil for a tract home. Assessor says market is $655K. Could this be a strategic default or a failed short sale?

http://www.bcpa.net/RecInfo.asp?URL_Folio=513925053580

How does this massive foreclosure affect the adjacent.

Purchased: 4/2007 for $725K

Purchased: 10/2008 for $475K (this was also a foreclosure, origianl price 11/2004 for $950K)

The price on these tract home McMansions are falling straight down.

Oh my!

2500 sq ft Max.

expansion

2010-03-27T05:09:00.001-07:00

new plan expands:click

142 home sites:click

The bigger they are; click

Mad max plunger alert:
Here we have the latest tract home McMansion taking a major price pounding. On the MLS as of 14 hours ago. This baby sports a rather impressive 4200 sq ft.

MLS: M1379795 asking $395K
Purchased: 5/2007 for $793K

http://www.bcpa.net/RecInfo.asp?URL_Folio=514031020970

That is a $398K (50%) loss.

Hows does the $395K asking price affect the adjacent.

Purchased: 12/2006 for $696K
Purchased: 4/2009 for $415K
(this was also a foreclosure original price new in 2007 was $795K)

2500 sq ft Max.

Jump

2010-03-25T15:33:00.000-07:00

guess what, mortgage delinquencies rise:click

5 years:click

Half of all modified mtgs fault again, wonder why that is hmmmmm....
click as in perhaps it was a ninja loan to begin with?

standing alone:click

Free house

2010-03-24T16:33:00.001-07:00

or free money, B of A giving away free money:click

collapse:click

15percent more;click

Hype

2010-03-23T20:36:00.000-07:00

click so much for the USA today article eh....

dead cat bounce:click

Gimme more:click

Florida sales up?click we love the comments.

Deliquents

2010-03-22T15:15:00.000-07:00

more deliquents:click

exisitng home sales:click

More of the same:click
act surprised would you.....

Ugly

2010-03-21T14:04:00.001-07:00

this is the best article I have read in a long time:click

Homeowners dilemna:click

Whats left to fix;click

Lucky them:click

How many

2010-03-20T20:13:00.001-07:00

up their sleeve, click

We took time this AM to read the writings of Martin Armstrong, incerated genuis, con man or fool??? interesting concepts about cycles. Worth the read if you venture to business insider. I downloaded and read some of his writings. What is even more interesting in one of his charts he places real estate as bottoming out in 2012 when incidentially the sun is supposed to flip poles, housing then gains to 1998 levels in 2015 then falls for the next 26 years until 2033. What is even more of note is that much of the reading we have been doing even from money and other sources say about the same, 2011 or 12 bottom etc. Coincidence or cycles??

Plunger Alert: ding ding ding

listing here

purchase here:click
Sun Trust filed an LP on Oct 13/2009. I didnt research the amount owed.

Commercial

2010-03-20T06:10:00.000-07:00

RE,you don't have to look very far around here to see a commercial ghost town:
click

Option ARMS:click

Bam:click

Ponzi:click

500,000

2010-03-19T05:04:00.000-07:00

Pending that is:click

Developer loses 49M:click

Purge:click

Plunger

2010-03-17T06:59:00.000-07:00

Alert ding ding ding.

purchase here:click listing here:click it appears... there is 500 owed and a lien for 25k filed on Feb 2/1/10.

consider 943 S.E.10th was only asking 415k?? don't know if sold yet. owners records havent changed, still shows an LP from Chase in October.

3316 N.E. 40th in Bermuda Rivera sold for 590k. nice house with pool.
click and approx 14k/year taxes. But that was bermuda riviera not pompano beach.

banksters fumble:click a parrot !!!

by the way, we know of someone who bought and bailed on their first home, borrowed heavily to buy their new... home and just got refinanced even though they walked away from the first. Is this a great country or what....

bankster's buzz words:click

Mad Max plunger of the day:
Here is a recent tract home McMansion foreclosure recorded 3/12that is a whopping 60% off the purchase price brand new from the builder. This baby sports an impressive 4200 sq ft.

Purchased new: 9/2006 for $812K
CET: 2/25/2010 for $327K

http://www.bcpa.net/RecInfo.asp?URL_Folio=514031021790

That is a $485K loss.

How does the $327K sale affect the adjacent.

Purchased: 9/2006 for $920K
Purchased: 10/2006 for $872K

Ouch!!!!

2500 sq ft Max.

plunger alert

2010-03-17T01:08:00.000-07:00

thanks to 2500 sq ft max again...
Our latest tract home McMansion with a massive price pounding. Listing says 3455 sq ft, record shows 2847. Lets assume 3455 is correct, how can you pay $829K for 3455 sq ft...if the faucets were 14K gold I can see it.

ON MLS: D1292639 as of 17 hours ago asking $380K

Purchased: 10/2007 for $829K

http://www.bcpa.net/RecInfo.asp?URL_Folio=514031031100

That is a $449K (54%) loss in just over 2 years time.

How does the $380K asking price affect the adjacent?

Purchased: 11/2007 for $629K
Purchased: 8/2007 for $892K

Ouch!!!

2500 sq ft Max.

well done Max.

We looked at home-fish.com which is supposed to be a free site for foreclosures,
our experience only was aw...... maybe. perhaps yours will be better.

Plunger alert ding ding ding.
FB lighthouse point now in the 3,s....

purchase here 890k: click

Listing here:click

Rampant:click

Infighting

2010-03-15T17:07:00.001-07:00

or who you gonna believe?click question, isnt it beneficial to keep prices higher resulting in higher commissions?

Riding the waves:click

Homebuilders cant compete:click

Trumped:click

Commission

2010-03-14T07:15:00.000-07:00

My mantra has always been, is the person trying to sell you something swayed by having a fidicuary interest in ou doing so???click

ready set go recasts:click

Home prices rise:click

bank problems:click

Cash

2010-03-13T20:41:00.000-08:00

for keys. delaying the inevitable:click
lenders and escrow accounts;click

Broward and online foreclosures;clickcareful out there. dont get caught up in believing you are going to buy a 300k unit for 8k, chances are all you are buying is the second lien by the condo assoc. if you have been reading hre you know how others have fallen victim to greed and ignorance. do your homework.

bouncy bouncy:click

purger:click

Agent

2010-03-13T01:03:00.000-08:00

fees:click

High score borrowers at risk:click

one in 10:click

the impossible:click

Lull

2010-03-11T16:16:00.001-08:00

Before storm, click

3 percent:click

More down:click

no judicial foreclosures:click

Default

2010-03-10T06:00:00.001-08:00

high rico scores default:click

reality check
click

Higher and Higherclick

PBcounty:click

Here's

2010-03-10T05:34:00.000-08:00

to you:click

Four biggest lies:click

shiller speaks:

click

commisioners and b of a:click

2nd

2010-03-09T01:03:00.000-08:00

lien holders:click

more money:click

You knew this anyways...click

plunger alert from 2500 sq ft max: tks again Max.
These type of finds are starting to accelerate with respect to tract home McMansions selling for way less than purchase price. This one is new to the MLS (3 hours ago) and sports a relatively modest 3100 sq ft.

MLS: R3092723 asking $469K

Purchased: 2/2007 for $725K

http://www.bcpa.net/RecInfo.asp?URL_Folio=513925053110

That is a $256K (35%) loss.

2500 sq ft Max.

March 8, 2010 12:35 PM

Florida on sale:click still not enough in our view.

One third

2010-03-07T06:16:00.000-08:00

of all mtgs in 2009 were fha:click

overencumbered is the key word here:click

Confused:click

100k and counting:click

plunger alert:

purchase here:click how bout those 25k/year taxes eh.....

listing here:click

more free money:click