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alstry (35.03)

Coast to Coast....HOME PRICES CRASHING!!!!!!!!!!!!!!!!!!!!!!!!!!!

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April 21, 2009 – Comments (5)

WEST COAST....

Apr. 17--JLS Custom Homes, one of Oregon's largest home builders, said Thursday it will liquidate 70 homes to clear out its inventory as sale prices continue to plummet across the region.

Owner Jason Sage said he expects the Beaverton-based company's revenues will drop to about $30 million this year, an 80 percent decline from the boom-time peak. But he said the company will not follow other major Oregon builders into Chapter 11 bankruptcy.

 http://www.bigbuilderonline.com/industry-news.asp?sectionID=363&articleID=945265

EAST COAST....

“Whether you’re a home builder or a home buyer, these are times when dreams don’t always match with reality. At the luxury beach community The Peninsula on the Indian River Bay, the tide of recession-driven frugality has pushed one builder toward a less-opulent vision. Faced with the reality that luxury homes aren’t the hot properties they once were, Virginia-based builder Miller & Smith has decided to clear the slate with a May auction, with opening bids at $200,000 for houses that once listed for $890,000 — a 71 percent difference.”

http://www.delawareonline.com/article/20090419/BUSINESS/904190390/1003

I GUESS THIS IS WHAT SOME CALL "SALES" STABILIZATION AT RATES 75% BELOW THE PEAK.......

Try selling a home in this environment......guess that is why foreclosures are skyrocketing......

And the beat goes on and on and on and on and on....................................

5 Comments – Post Your Own

#1) On April 21, 2009 at 3:36 PM, alstry (35.03) wrote:

GOOD LUCK GETTING FINANCING......

On May 1st new appraisal restrictions kick in.....

But look what was happening before May 1st......

The Washington Post. “Anxious to meet the bank’s demands for quick action, Andrew Garcia and his fiancée, BethAnne Hoffmann, rushed to find financing to buy a foreclosed-on house in a lovely tree-lined Baltimore neighborhood. That was in January.”

“A month later, the bank that’s selling the house broke its own closing deadline. The couple have been in limbo since. In frustration, they turned to their congressman’s office for help. Only then did they receive an apologetic call and a new proposed closing date of April 24 – but still no signed paperwork.”

“”It’s unbelievable. With all we hear about all the homes out there that need to be sold, I have to call my congressman in order to purchase a house,’ Garcia said. ‘If that’s the process, there’s no way we’re going to clear all these foreclosures.’”

Courtesy of The Housing Bubble Blog....

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#2) On April 21, 2009 at 3:38 PM, alstry (35.03) wrote:

JUST WAIT UNTIL THE CREDIT LINES RUN OUT..........

The Frederick News Post from Maryland. “Job loss and economic uncertainty continue to plague the housing industry, professionals in the field say. The latest foreclosure figures for Frederick County show the number for March — 188 — up 7 percent from February.”

“More may be on the way. ‘I expect some people have been hanging on,” said Hugh Gordon, branch manager for First Home Mortgage in Frederick. ‘People have been using credit cards, robbing Peter to pay Paul, and that’s running out. They are hoping for a time when the money will come back up, but that’s not happening.’”

“Denise Jacoby, executive director of the Frederick County Builders Association, agreed that job loss is the biggest factor in foreclosure. ‘It is the highest in 25 years,’ she said of the unemployment rate. ‘We need to get people back to work.’”

Courtesy of The Housing Bubble Blog

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#3) On April 21, 2009 at 4:50 PM, checklist34 (99.73) wrote:

I just went downtown today and found a pretty girl and told her i'd give her 5 bucks to kiss guys and then charged 10. I'm going to patent this and franchise the sucker across the country and make millions.

who wouldn't want to do it? the world is going to end anyway, and we're all going to die someday, so why not blow a 10 spot on a pretty pair of lips?

i'm gonna be so rich

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#4) On April 21, 2009 at 4:50 PM, checklist34 (99.73) wrote:

i hope someone appreciates my replies to doomsday type posts.

and, no matter how much people think i'm joking, i really do like pie

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#5) On April 21, 2009 at 5:57 PM, alstry (35.03) wrote:

Who says these are doomsday type posts.....

They are simply displaying the FACTS......

 

Do you really think the FACTS are portraying a doomsday scenario????

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