Dr. Housing Bubble 08/05/08

[Crewleader]

Real Homes of Genius: Today we Salute you Santa Monica. 929 Square Feet for $969,000.
And You Thought the Bubble was Over.

Before you ring the bell and signal the end of the California housing bubble, there are cities and properties that still defy the laws of economics. California has corrected hard. The velocity of the one year correction is unlike anything we have ever seen in the history of our housing market. Seeing prices drop by 38.3% in one year has literally pulled the rug out of thousands of would be sellers. The California housing market is in the eye of the hurricane and many are shell shocked not knowing what their next move will be.

Part of the unintended consequences of foreclosure is many people are leaving pets behind. For a variety of reasons, many simply decide to pick up and go and let the pets fend on their own. The national media has been covering the story of Powder the 44-pound cat who is a victim of the foreclosure crisis:



Powder, initially named “Princes Chunk” was found wandering the streets in New Jersey after her owner gave the cat to a friend who was supposedly going to take the cat to a local shelter. As it turns out, Powder was left on her own roaming the streets (as much as she could move around). Of course with all the media coverage the cat will find a home.

http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-santa-monica-929-square-feet-for-969000-and-you-thought-the-bubble-was-over/

[Mojorabbit]

1. Thanks!

I love that blog.

[Xipe Totec]

2. Jim Cramer doesn't sound so nutty anymore, does he...

Market Meltdown, Aug 6, 2007

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=385&topic_id=45745

[Warpy]

3. Obviously, it's not the shack that's supposed to sell for that price

it's the lot. It's quite a nice sized lot, perfect for a huge heap of masonry with a paved courtyard and dunk pool. It's probably what the current occupant was thinking of when s/he bought the place in January, 2007 before the high paid job at the studio went bust.

I'm so glad the Doctor is in. He helps the rest of us feel a little less like total idiots by pointing out people who are worse.

[belpejic]

4. Not a premium part of Santa Monica!

Might as well just live in West LA, cause that's exactly what it abuts. I know--I lived near there. And the commute is unbelievably hellish.

[drhousingbubble]

5. Thanks for the post Crew...

I remember reading a story last year about a home that was foreclosed in Georgia and it was flat out overrun with pigs, possums, and other wildlife. It was literally an animal house. Some banks are now realizing that they would prefer to have a warm body in the home, as opposed to letting it sit empty and watching it decay or become vandalized.

We're seeing a trend with squatters taking shelter here in SoCal. In some areas blocks have become nearly like ghost towns so it is a perfect place to hideout.

Unfortunately in some places overrun with foreclosures like Cleveland and Detroit, entire communities have fallen apart. In many cases, homes need to be demolished.

[Crewleader]

6. Hi Doc

Good to see you!
I have always appreciate what you have to say and your good efforts of helping many understand what is happening with housing and so much more. Thank you for all you do! :hug:

here's another housing link on foreclosures in NY

HOUSE OF PAIN AS CITY FORECLOSURES SOAR 67%

http://www.nypost.com/seven/08032008/news/regionalnews/house_of_pain_as_city_foreclosures_soar__122814.htm