Comments on: Screw This Housing Market! Black & Decker Sucked into the Housing Abyss.

By: rick

rick — Mon, 17 Dec 2007 07:21:43 +0000

OMG, Cupertino (an upper middle class neighborhood) in Bay Area has higher medium home prices than Bevelley Hills already.

What this world has become. Just found out today that a friend’s 1.4m house actually only bought for 550k in 99.

And people are asking “How low can it fall anyway?”. I thought wages haven’t really gone up much in Bay Area since the Internet bubble burst.

By: drhousingbubble

drhousingbubble — Sun, 16 Dec 2007 02:00:21 +0000

Do any of you listen to the real estate shows on Saturday FM talk stations? Today, a group that was pumping prices throughout the bubble was suddenly telling listeners, “offer 10, 15, or even 20 percent below recent comps. If they don’t accept, let them know should the seller reconsider they can call you back.”

The tides be changing folks and this is here in SoCal.

By: DannyBoy

DannyBoy — Sun, 16 Dec 2007 01:46:10 +0000

@covered - can the westside be far behind? I sure hope not, but denial can be very powerful. I see more and more “open house” signs every Sunday, but as far as I can tell, prices haven’t dropped appreciably. (I’m talking Santa Monica specifically right now).

I remember seeing lots of twenty-somethings in VW Jettas driving up to look at $1.2M homes on the market a year and a half ago and thinking “WTF?!?!?!” … I wonder how many of them chomped down the hook & worm and are now struggling to free themselves.

By: Son of Brock Landers

Son of Brock Landers — Sun, 16 Dec 2007 01:32:10 +0000

One does have to admit that the export centric companies, materials companies, and raw materials/checmicals companies have done well. It just how quickly can they offset the huge losses the housing industry is having on the entire economy. Quarter 1 of 2008 should be full of bad numbers for banks, retailers, housing, etc. They cannot hide bad numbers forever. While I think that MEW activity slowing to a crawl will hit the consumer spending, I focus more on the jobless claims made week to week and the 4 week moving average. When those numbers get closer to 400K a week, I will worry big time.

By: drhousingbubble

drhousingbubble — Sat, 15 Dec 2007 23:42:19 +0000

I’m pretty sure even high end areas will feel the impact of this housing bear market. I think the general market sentiment has a feel of “let us wait and see if this is the real deal.” Also, you have folks in zombie mode shopping so the reality won’t hit until Q1 of 2008. For fun, you can browse the following zipcodes in Los Angeles County:

http://www.dqnews.com/ZIPLAT.shtm

You’ll notice that numbers are all over the map.