"Joe:
I'm telling you . . . .the local real estate market is going down.
You can take my word on this. There are going to be a lot and I mean a lot of foreclosures and property ownership transfers in the very near future. IT HAS NOW OFFICIALLY BEGUN.
Market conditions are continuing to deteriorate as I write this email. I have this information at the highest levels.
My advise. . . hunker down."
I don't disagree and I have been saying this for years now. Joe
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
11 comments:
Who was the genius that wrote that? Here's a news flash for you too. The Sun will come up and go down today.
Well DUHHH.... It amazes me how in every way the Shore is behind the rest of Maryland and even the US.
The rest of Maryland's property values jumped... the shore jumped two/three years later and then went past the affordability rate of the locals.
The rest of Maryland was warned of a housing slump... the shore kept building neighborhoods.
The rest of Maryland realized they needed to lower prices to make sales.... the shore is still dreaming about the "value" of houses.
Now we see empty neighborhoods and even the houses that are built are empty. Rental signs everywhere.
LOWER YOUR PRICES!!!! Idiots...
And towns continue to give developers the world for a bunch of empty promises. Towns have water and sewer lines running to empty fields while the streets look like patchwork quilts.
theres no work people.
The foundation of the American dream is and has always been the home. This is the place where dreams came true for all of us. It was a place where no matter how bad it was in the world you could always fine sanctuary. It provided borrowing power to get a new car, get your kid a car, put a child through college or simply retire. The home has now become a maxed out credit card that cannot be used to obtain any of the above mentioned things. We are all in part responsible for this. Economic armageden is upon the middle class americans and it didnt just start. The american dream seems to of gotten to big, to fast and now its spinning out of control. Yes, the sun will come up and down today, but for some itll be the day they have to explain to their crying children why they have to leave their home because its not theirs anymore. You tell me, is it a dream or a nightmare?
Uhm folks.
The real estate bubble peaked here on the Eastern Shore November of 2005 and it "officially" burst June of 2006.
This is not news to anyone.
Property values are now down 40% to 60% off the artificial peak of inflated prices.
Anyone who purchased 2004 trhough 2007 has something called negative equity.
Anyone who used their home as an ATM machine, pumping "phanton equity" out everyt time it would reappraise for a few dollars more, has robbed the bank.
If you stole the money from the bank, like many realtors and "investors" did with HELOCS and now you want to sell, guess what you already got paid and are better off going to foreclosure.
Its not going to get any better for a few years and its going to be 20-years before propery values climb to the artifical highs of the bubble...
NO work, what do you mean?
With all the $3 hour jobs with the local businesses.
bosshogg is right about the timing. And it isn't just the shore. It's a lot of places. Florida, for example. As late as November 2002, prices were still reasonable. Within 2 years, prices had almost doubled! Then the hurricanes started, and the recession and overbuilding etc., and now the property values are back down to Nov. '02, and even lower in some places. And if you overextended, good luck. The number of foreclosures in our area has quadrupled in the last year.
Unfortunately for all of us the msm continues to sensationalize the bad state of the economy, making it even more scary for those people whose personal situations would benefit from them buying a home. With the prices down, interest rates still reasonable, and now the government is offering a zero interest loan for $7500 for first time buyers, this SHOULD be a good time to become a homeowner.
1:51 You want scary?
Fannie Mae and Freddie Mac hold more than 1/2 the mortgages in the country. And Freddie's stock has dropped from $67/share in Sept of '07 to $5.59/share Monday. They wrote off $821 million in losses for the end of quarter 2 this year. That's scary. And their debt load is $5 TRILLION. With what oil and gas prices are gonna be this winter, it's just going to get worse.
Fannie Mae and Freddie Mac hold more than 1/2 the mortgages in the country.
If the true status of Fannie & Freddie were exposed, they would be bankrupt overnight.
Neither institution has the reserves required by law to be considered 'solvent' by anyones accounting.
We are talking TRILLIONS of dollars here folks.
The real estate bloodbath has not even started.
Reported from the front lines...
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