Is the price right?

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

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

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

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

in Florida that is; click

Real estate losses signal audit;click

Oh no fraud in Miami, imagine that:click

Foreclosure folly

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...

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

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

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

Boom Boom:click

accleration:click

only in south florida:click

Surprise

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

Housing reset: click

dip it a doo dah:

click

Slog

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

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

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

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

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

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

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

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

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...

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

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

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

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

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

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