Comments on: A Preview of Housing Armageddon? http://housingdoom.com/2007/11/07/preview-of-armageddon/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: twist http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8578 twist Thu, 08 Nov 2007 03:41:26 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8578 A telephone for REOs? [<em>Since it takes weeks to get a response from these swamped lenders, you need to keep on calling</em>] A telephone for REOs? [Since it takes weeks to get a response from these swamped lenders, you need to keep on calling]

]]> By: Purple Shoes http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8577 Purple Shoes Thu, 08 Nov 2007 03:34:18 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8577 Tumbleweeds for abandoned streets Tumbleweeds for abandoned streets

]]> By: sandman http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8576 sandman Thu, 08 Nov 2007 03:19:14 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8576 twist/agnostic: cat food can for a Realtor-owned flip? twist/agnostic:

cat food can for a Realtor-owned flip?

]]> By: twist http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8575 twist Thu, 08 Nov 2007 02:50:10 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8575 Agnostic- Cobwebs for abandoned homes? Agnostic-

Cobwebs for abandoned homes?

]]> By: nordag http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8574 nordag Thu, 08 Nov 2007 02:10:13 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8574 Asset Hunter & Agnostic- You guys just made my day. Tears in my eyes prevent me from continuing... Asset Hunter & Agnostic-
You guys just made my day.
Tears in my eyes prevent me from continuing…

]]> By: agnostic http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8573 agnostic Wed, 07 Nov 2007 21:03:48 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8573 There clearly need to be better descriptors than just a sign and a gavel... a mosquito for a green pool a garbage can for a house that's been trashed three zzz's for a house listed at more than 20% above recent comps (he/she is dreaming) maybe a water fountain for a house where the copper mysteriously vanished. I'm sure you guys can come up with others. There clearly need to be better descriptors than just a sign and a gavel…

a mosquito for a green pool

a garbage can for a house that’s been trashed

three zzz’s for a house listed at more than 20% above recent comps (he/she is dreaming)

maybe a water fountain for a house where the copper mysteriously vanished.

I’m sure you guys can come up with others.

]]> By: Asset Hunter http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8572 Asset Hunter Wed, 07 Nov 2007 16:40:07 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8572 'Until then, it’s “Hammer Time” in Phoenix…' Hammer Time! That's good!! That comment could be the start of a whole list of MC Hammer applicable statements: 2005 prices -- "you can't touch this" REIC mocking -- "too legit to quit" Active listing underwater sellers -- "you got to pray" and the beat(ings) go on :-) ‘Until then, it’s “Hammer Time” in Phoenix…’

Hammer Time! That’s good!!

That comment could be the start of a whole list of MC Hammer applicable statements:

2005 prices — “you can’t touch this”
REIC mocking — “too legit to quit”
Active listing underwater sellers — “you got to pray”

and the beat(ings) go on :-)

]]> By: theIndividualist http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8571 theIndividualist Wed, 07 Nov 2007 16:03:48 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8571 I live and lend in Phoenix and have since 2002. I was also here in the late 80's when the market was crushed by the real estate tax law changes of 1987. At that time, HUD was taking back 300 homes per month. Whe I moved back to the Valley, I managed several offices for Coutrywide and warned my loan officers of the impending nightmare of foreclosures once values reached their cyckical peaks and started to decline. I was laughed at..."the market will always be great here", "the economy is different now", "we're the fastest growing city in the country", they said. The "drive to qualify" communities (Peoria, El Mirage, Tolleson, Queen Creek, Suprise and others) are nw turning in on themselves as values drop, loan balances increase and loans recast. They'll be the first to fall, but the elite neighborhoods of Paradise Valley and Scottsdale are having a nasty upswing in foreclosures as well. We won't see the bottom of this slide until the 2nd quarter of 2009 at best. Until then, it's "Hammer Time" in Phoenix... I live and lend in Phoenix and have since 2002. I was also here in the late 80′s when the market was crushed by the real estate tax law changes of 1987. At that time, HUD was taking back 300 homes per month. Whe I moved back to the Valley, I managed several offices for Coutrywide and warned my loan officers of the impending nightmare of foreclosures once values reached their cyckical peaks and started to decline. I was laughed at…”the market will always be great here”, “the economy is different now”, “we’re the fastest growing city in the country”, they said. The “drive to qualify” communities (Peoria, El Mirage, Tolleson, Queen Creek, Suprise and others) are nw turning in on themselves as values drop, loan balances increase and loans recast. They’ll be the first to fall, but the elite neighborhoods of Paradise Valley and Scottsdale are having a nasty upswing in foreclosures as well. We won’t see the bottom of this slide until the 2nd quarter of 2009 at best. Until then, it’s “Hammer Time” in Phoenix…

]]> By: John in LV http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8570 John in LV Wed, 07 Nov 2007 15:34:05 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8570 Can you produce such a map for Las Vegas? Thanks Can you produce such a map for Las Vegas?
Thanks

]]> By: twist http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8569 twist Wed, 07 Nov 2007 15:14:23 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8569 Jan-Martin- I saw the original article on Cleveland that the BBC was quoting, and it said that one in ten homes in Cleveland are now empty as a result of foreclosures. [<em> Although I suspect that economic problems have encouraged moving out as well.</em>] Reading that article actually is what prompted this post. I have to wonder what the percentages of empty houses will be in the former bubble markets like Phoenix, Las Vegas and Miami. I think it's going to be a bunch. Jan-Martin-

I saw the original article on Cleveland that the BBC was quoting, and it said that one in ten homes in Cleveland are now empty as a result of foreclosures. [ Although I suspect that economic problems have encouraged moving out as well.]

Reading that article actually is what prompted this post. I have to wonder what the percentages of empty houses will be in the former bubble markets like Phoenix, Las Vegas and Miami. I think it’s going to be a bunch.

]]> By: jan-martin feddersen http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8568 jan-martin feddersen Wed, 07 Nov 2007 15:03:11 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8568 Moin, amazing! Don´t know if this has been posted yet but the interactive is also breathtaking. Especially the concentration from one German lender... :-) http://news.bbc.co.uk/2/hi/business/7070935.stm Moin,

amazing!

Don´t know if this has been posted yet but the interactive is also breathtaking.

Especially the concentration from one German lender… :-)

http://news.bbc.co.uk/2/hi/business/7070935.stm

]]> By: twist http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8567 twist Wed, 07 Nov 2007 14:47:57 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8567 By the way- We weren't cherry picking here. L also sent me maps from Tolleson, Peoria, Avondale, Glendale, Surprise, Mesa and N. Phoenix. [Although these communities are all less centrally located] Basically any areas that had a lot of activity during the height of the boom are seeing a lot of pain now. By the way-

We weren’t cherry picking here. L also sent me maps from Tolleson, Peoria, Avondale, Glendale, Surprise, Mesa and N. Phoenix. [Although these communities are all less centrally located]

Basically any areas that had a lot of activity during the height of the boom are seeing a lot of pain now.

]]> By: metroplexual http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8566 metroplexual Wed, 07 Nov 2007 13:53:01 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8566 And what do you want to bet that a majority of the green signs turn to gavels over the next year. And what do you want to bet that a majority of the green signs turn to gavels over the next year.

]]> By: stuffingmonkey http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8565 stuffingmonkey Wed, 07 Nov 2007 07:19:01 +0000 http://housingdoom.com/2007/11/07/preview-of-armageddon/#comment-8565 Little gavels... How cute. Little gavels…

How cute.

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