At Mish's Global Economic Trend Analysis tells of nonprime lender Acoustic Home Loans that is now out of business. "Acoustic was the 27th-largest nonprime wholesale originator in the nation." Guess where they are located in Orange County (OC), California. Very appropriate.
Crash 2006, has a post titled 'Welcome to the ten dumbest realtor blogs'
Keep you eye on the rising mortgage interest rates. "Rates on 30-year mortgages climbed this week to their highest point in nearly four years, a development that could put a further crimp in housing activity" 'Could'? It will. The only question is: how much of a 'crimp'?
Housing.com Blog is doing a super job keeping up with the housing market and all it's excesses.
How about this island for 850k? Hattip to: Vancouver Housing Market Blog
Check out the new and very promising New Mexico Real Estate Blog.
I am still on vacation so postings will be light. Cheers.
I'm discovering that people I know in the D.C. area that bought 4+ years ago are using the equity made in the last 4 years to buy additional investment housing.
ReplyDeleteSo it's basically pushing debt around.
interesting piece in money about overvalued markets
ReplyDeletehttp://money.cnn.com/2006/04/07/real_estate/overvalued_housing_market_Q4/index.htm
note the dc/nova area
The price for the island is 850K not 50K
ReplyDelete"The price for the island is 850K not 50K"
ReplyDeleteFixed. Thanks.
My wife and I sold our wildly overvalued split-level in NJ in 2004 and relocated to Upstate NY on the shores of the St. Lawrence river overlooking some of the many 1000 Islands referenced in the ad.
ReplyDeleteThe island market has gotten ridiculously frothy. Every waterfront property up here is up 200-400% in a matter of 2-3 yrs.
It's clearly about to end b/c there is no industry up here (except the Federal Govt - see "Ft. Drum, NY") and most of the island homes are seasonal second homes. I've heard of many island homes being financed with no-money down ARMs - that's ugly.
On the flip side, the weather is spectacular up here 3 mths every year and I get to watch the sunset over a huge body of water every night - hard to put a value on that.
My blog is named after one of the local islands - http://grindstonefinancial.blogspot.com
Later.
Interesting article in wash. post business section today re: D.C. housing outlook.
ReplyDeleteWhat is your take David?