This is one of those charts that pretty much explains itself. Over at the far right, you can see how the number of mortgage defaults in the nation's largest state have absolutely exploded. Of course, the 2008 data is extrapolated based upon first quarter numbers, but does any reasonable person expect it will get better as this year wears on?
Showing posts with label housing crisis. Show all posts
Showing posts with label housing crisis. Show all posts
Wednesday, April 23, 2008
Chart Porn: California Default Notices
This is one of those charts that pretty much explains itself. Over at the far right, you can see how the number of mortgage defaults in the nation's largest state have absolutely exploded. Of course, the 2008 data is extrapolated based upon first quarter numbers, but does any reasonable person expect it will get better as this year wears on?
Thursday, March 20, 2008
One House in Virginia Drops 63% in Value While on the Market
Check out this lovely abode located in Rappahannock County, Virginia, which sits on a gorgeous 51 acre lot with a pond. It went on the market on May 4, 2006, and was listed at $2,275,000. It sold on December 27, 2007, for $850,000, after 574 days on the market and a whopping $1.425 million price drop.That's gotta hurt.
Friday, March 14, 2008
Now We Know Who is to Blame for the Housing Bubble: The Media
http://piggington.com/fantasy_in_the_real_estate_business
Check out this quote:
The last portion of the conference, a question-and-answer session, admonished the media for depressing consumer confidence by focusing on only the negative aspects of housing data...
George Chamberlin, a panelist at the event and columnist for the North County Times, said that some news reporters biased their reports because they are jealous of homeowners.
Most real estate agents who spoke at the conference seemed to agree, with one agent suggesting that agents and builders pull all advertising from newspapers until positive articles are printed.
Is there ANY profession in America more discredited than real estate agents? Everybody repeat after me, the housing bubble was caused by 1). greedy relators, 2). greedy mortgage companies, 3). greedy buyers, 4). Alan Greenspan.
Christ!
Check out this quote:
The last portion of the conference, a question-and-answer session, admonished the media for depressing consumer confidence by focusing on only the negative aspects of housing data...
George Chamberlin, a panelist at the event and columnist for the North County Times, said that some news reporters biased their reports because they are jealous of homeowners.
Most real estate agents who spoke at the conference seemed to agree, with one agent suggesting that agents and builders pull all advertising from newspapers until positive articles are printed.
Is there ANY profession in America more discredited than real estate agents? Everybody repeat after me, the housing bubble was caused by 1). greedy relators, 2). greedy mortgage companies, 3). greedy buyers, 4). Alan Greenspan.
Christ!
Thursday, March 13, 2008
Foreclosures in Fairfax up Nearly 2000% (YOY)
Eek!
Foreclosures in Fairfax County
2005: 198
2006: 593
2007: 4,527
-----------------------
January 2007: 74
January 2008: 1,330
Foreclosures in Fairfax County
2005: 198
2006: 593
2007: 4,527
-----------------------
January 2007: 74
January 2008: 1,330
Tuesday, March 11, 2008
Housing Prices Take a Dive in Fairfax County, VA
According to the Census Bureau, Fairfax County, VA (the location of my own humble abode), is the wealthiest county in the U.S. (by median household income). But despite our healthy bank account balances, Fairfax County has hardly been immune to the housing slump, with median prices dipping more than 10% since 2006. Check out these figures:
Median Sold Price (2/06): $469,900
Median Sold Price (2/08): $405,000
The number of houses sold also plummeted by more than 30%, from 1009 to 704. 7,491 homes are actively listed right now, giving Fairfax an unsold inventory of more than ten months at the 2/08 sales pace.
And remember, these alarming figures are for the wealthiest locale in the country. I can't imagine what is happening in California and Florida.
Median Sold Price (2/06): $469,900
Median Sold Price (2/08): $405,000
The number of houses sold also plummeted by more than 30%, from 1009 to 704. 7,491 homes are actively listed right now, giving Fairfax an unsold inventory of more than ten months at the 2/08 sales pace.
And remember, these alarming figures are for the wealthiest locale in the country. I can't imagine what is happening in California and Florida.
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