Headlines...

NEW -> Contingent Buyer Assistance Program
Foreclosure fallout: Houses go for a $1

"The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.

And it still took 19 days to find a buyer. "

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

Very funny stuff
 
morekaos said:
Foreclosure fallout: Houses go for a $1

"The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.

And it still took 19 days to find a buyer. "

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

Very funny stuff
Click to expand...

Having lived in the Detroit metro area and been down in that area (read made a bad bad mistake...) I find it neither funny nor surprising. In fact, it's truely sad as many of the homes are literally classics.

I'll laugh when a bank liquidates a condo in one of OC's high rise luxury towers for a $1. Or in Miami. Maybe San Diego. Hey Liz did they do that in Miami yet? If you don't think they will, ask how long the bank will hold it when they get multiple foreclosures in the building and the HOA is eating $1000/month, taxes $1000/month and special assessment another $1000/month to make up for the other units not paying assessments.
 
No_Such_Reality said:
morekaos said:
Foreclosure fallout: Houses go for a $1

"The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.

And it still took 19 days to find a buyer. "

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

Very funny stuff
Click to expand...

Having lived in the Detroit metro area and been down in that area (read made a bad bad mistake...) I find it neither funny nor surprising. In fact, it's truely sad as many of the homes are literally classics.

I'll laugh when a bank liquidates a condo in one of OC's high rise luxury towers for a $1. Or in Miami. Maybe San Diego. Hey Liz did they do that in Miami yet? If you don't think they will, ask how long the bank will hold it when they get multiple foreclosures in the building and the HOA is eating $1000/month, taxes $1000/month and special assessment another $1000/month to make up for the other units not paying assessments.
Click to expand...
We have friends who live in a prestigious area in the suburbs of Detroit. The value of their house has remained constant for over 13 years and hasn't increased at all. It may have even gone down in value.

So, for those who say real estate is a great investment - I urge you to buy a house in Michigan.
 
Two nuggets:

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from about 175,000 in the same month last year and up 8 percent from June, RealtyTrac Inc. said. That means one in every 464 U.S. households received a foreclosure filing last month.

Foreclosure filings surge 55 %

*************************

Merrill Chief Executive John Thain clearly is looking to save money; racking up $19 billion in losses will do that to a person.

Merrill Lynch imposes hiring freeze
 
ConsiderAgain said:
25 percent of home sales result in loss. - CNNMoney

"Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover."...

Not particularly news to IHB, but some thoughts from Zillow that suggest we aren't at the bottom yet.
Click to expand...

Don't say that over on Lansner's blog. A few folks get real upset over there. It is kinda creepy.
 
awgee said:
ConsiderAgain said:
25 percent of home sales result in loss. - CNNMoney

"Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover."...

Not particularly news to IHB, but some thoughts from Zillow that suggest we aren't at the bottom yet.
Click to expand...

Don't say that over on Lansner's blog. A few folks get real upset over there. It is kinda creepy.
Click to expand...

Yea, I’ve noticed that. I usually don’t read much past Lansner’s writeups. The comments fall off the deep end quickly.
 
"Subprime was voted the word of the year by the American Dialect Society in recognition of the mortgage scandal and crisis that has for months enveloped housing and real estate around the country..." The NY Times has a nice glossary of housing bubble related terms. It's not as good as IR's, but might be instructive for newbies.

More...
 
Why do we worship these people??

http://biz.yahoo.com/usnews/080814/14_how_to_avoid_celebrity_real_estate_blunders.html?.&.pf=real-estate

How to Avoid Celebrity Real Estate Blunders
 
Re: How to Avoid Celebrity Real Estate Blunders

"Bad bet Professional poker player Annie Duke sold her Hollywood Hills, Calif., mansion last June for $2.84 million, losing $10,000 on the deal"

(embedded video no longer available)
 
Do any of these people have ANY self respect or any sense of self-responsiblity??? This drives me absolutly NUTS!!!!

"I make $50,000 as a schoolteacher," he says. "There's no way I should have been approved for loans that big."

Hemmed in by monthly payments totaling more than $10,000 and bills for maintaining a third property on Long Island, Noel had no choice but to file for bankruptcy, he says. He filed without the help of a lawyer—he couldn't afford one—and he plans to walk away from the three homes and get a fresh start, this time without dreams of making it big.

"I thought real estate was a good business," he says. "But I guess it's not for me. I'm not buying property again—ever again."

http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20080817/FREE/872000327/1008/toc
 
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