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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (6263)	9/2/2007 9:20:53 AM
From: Biotech Jim	Respond to of 50747

Jim- I have several ties to the west coast and to the midwest and as you know I am looking to pick up some real estate as a consequence of the subprime meltdown. The stories in the press re the lower west coast are pretty accurate, as houses in the san diego area are now selling roughly 30% off peak, based on some discussions with friends there. In the midwest, in examples from IL, WI and MI show a much more depressing scenario from a sellers point of view. Several middle class areas in each of these states simply show houses are not moving. Multiple comments of such have been heard in now 7 different cities in those midwest areas. Though these were heard from people who live in or aware of those who live in relatively new developments (less than 10 years old), the bolder comments heard relate to essentially few or no buyers looking. Is it simply that loan originations are hard(er) to come by, or that the economy is weaker than appears and there are fewer looking to buy? As you have mentioned, it may take 2-3 years or more to fully unravel. The real estate agents that I know are advising not to put houses on the market at this time. Yet corporate profits are looking good, generally. Considering peak oil, my view is that oil prices will remain pretty steady due to overall demand. If a recession does set in (even John Bogle gives it a 75% chance based on a recent interview), then oil prices are likely to fall from here. I guess that depends on seasonal demands and the weather, though. Does anyone know of a website that collates housing information over a wide swath of the US and/or indicates where houses and properties now sell relative to the peaks and valleys of the cycle? TIA. Jim

To: jim_p who wrote (6263)	9/3/2007 3:39:51 AM
From: SwingTrader2006	Read Replies (1) \| Respond to of 50747

"Indeed, what was once a problem confined mostly to economically struggling areas is quickly becoming a national phenomenon. Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression. Analysts also say that the fallout from mortgages gone bad is spreading well beyond borrowers now in default. It has begun to engulf middle-class communities like Maple Heights, where nearly 10 percent of the houses — or 910 properties — have been seized by banks in the last two years. And it foreshadows what could lie in store if mortgage holders default on what the Federal Reserve conservatively estimates to be $100 billion in risky subprime loans. Many of these loans were made in 2005 and early 2006, when standards were at their most lax and cities like this were blanketed with aggressive pitches from mortgage providers." OK...I'll say it...Ahhh-Hem...Ahhh-hem... WHODATHUNKIT?! :-)