The Great American Price Boom Losing Its Oomph
A report from the Wall Street Journal on New York. “Sales of the most expensive New York apartments fell sharply in the first half of the year, but many sellers have adjusted by cutting asking prices to make deals, brokers said. Overall sales of apartments priced at $5 million or more fell by 31% during the first half of the year, compared with the same period in 2017, according to a luxury market report by Stribling. But the slide in sales was concentrated entirely in condominiums, including newer such buildings, where the supply of expensive apartments has surged, the report found.”
“Brokers said the modest rebound in sales reflected sellers’ willingness to abandon their dreams of outsize profits in the face of buyer resistance. ‘The contracts that are getting done in the luxury end of the market are the result of sellers capitulating to reality,’ said Donna Olshan, a broker who monitors contract activity for high-end apartments.”
“Luxury apartment prices rose sharply in 2014 and 2015, but have since stagnated at lower levels. Examples of steep discounts abound in the rarefied luxury market. A five-bedroom penthouse with a terrace and soaring ceiling sold in August in a new building at 11 North Moore Street in Tribeca. It was first listed in January 2014, for $40 million, but the price was cut three times since, for a final listing price of $22.5 million. A deed filed on Thursday listed a $20 million sale price.”
The Chicago Tribune in Illinois. If you’re considering purchasing a home in the coming months, you should be aware of an important shift emerging in the market: List prices on growing numbers of houses are being cut, even in places where previous appreciation has been strong and sales at record levels. The great American post-recession housing-price boom appears to be losing at least a little of its oomph, opening opportunities for alert buyers.”
“The rate of reductions was higher than it’s been in some markets for years. In Seattle, which has been scorching hot — with multiple offers and double-digit appreciation routine — 12 percent of listings got a price reduction in June, the highest percentage since 2014. The median cut was 3.1 percent.”
“Some of the largest cities and their suburbs are also seeing growing numbers of price adjustments: Nearly 1 of every 5 listings in Chicago saw a price cut averaging 2.7 percent in the survey. In the Washington, D.C., metro area, 15.4 percent of all listings had price reductions that averaged 2.5 percent. In Miami-Ft. Lauderdale, the average decrease was 2.9 percent; metropolitan New York, 3.6 percent; Boston, 3 percent; San Francisco, 4.2 percent; San Diego, 2.3 percent; Charlotte, N.C., 2.4 percent; and Columbus, Ohio, 2.7 percent.”
“In San Diego, 1 of every 5 listings got pared back in June, a significantly higher figure than the year before, when 1 of every 8 listings (12 percent) were reduced in price. Zillow’s study dovetailed with new research by realty brokerage Redfin, which found slowdowns and price softness in the upper-end, luxury segments — the top 5 percent most expensive homes — of some cities and suburbs. In Boston, luxury sales prices slumped by 16.7 percent year-over-year in the second quarter, compared with a 9.7 percent average increase in the nonluxury segment.”
“Here’s what could be another emerging trend, which turned up in the Redfin luxury sales study: Small but noticeable numbers of homeowners who live in high-cost, high-tax states such as New York and California appear to be fleeing to lower-tax markets. You might think local taxes are no big deal for well-off owners, but consider this: One house listed for $12 million in Massachusetts came with a $101,346 local real-estate tax bill. Ouch!”
From Wisconsin Public Radio. “For the second straight month the number of homes for sale has risen in Wisconsin. Two straight months of increases, after more than a year of declining inventory, could mean the state’s issues with housing supply may be easing, says David Clark of Marquette University. ‘These are peak months for closing on homes,’ Clark said. ‘To see some improvement in inventories, even in those high-volume months, is a suggestion that maybe we have turned the corner a little bit.’”
The Herald Palladium in Michigan. “Alan Jeffries is always watching the housing market. As association director of the Southwestern Michigan Association of Realtors, Jeffries grew up in Marcellus, Mich., and worked out of Kalamazoo before taking his current position. Having taken over as association director more than a year ago, Jeffries sat down with Herald-Palladium Staff Writer Tony Wittkowski.”
“Q: It seems we have a really in demand housing market. Anything that stands out to you lately? A: The biggest surprise is how fast the sales prices have risen. I think we’ve almost increased the values too fast to sustain this. I think we’ll see a slow down pretty soon. Not so much as a crash, but inventory will level off and prices will go down.”
“Q: You say that, but the prices have continued to rise. A: They are, but it’s just not sustainable. What goes up must come down.”
‘In Boston, luxury sales prices slumped by 16.7 percent year-over-year in the second quarter, compared with a 9.7 percent average increase in the nonluxury segment’
Now I wonder why the media up there didn’t say anything? I check it every day.
Ebola!
‘To see some improvement in inventories, even in those high-volume months, is a suggestion that maybe we have turned the corner a little bit.’
Wisconsin, welcome to the price slashing party! Ebola!
‘Nearly 1 of every 5 listings in Chicago saw a price cut averaging 2.7 percent in the survey. In the Washington, D.C., metro area, 15.4 percent of all listings had price reductions that averaged 2.5 percent. In Miami-Ft. Lauderdale, the average decrease was 2.9 percent; metropolitan New York, 3.6 percent; Boston, 3 percent; San Francisco, 4.2 percent; San Diego, 2.3 percent; Charlotte, N.C., 2.4 percent; and Columbus, Ohio, 2.7 percent’
Glory be that’s a lotta Eeeee-bola!!
I knew it!
5 Ways Terrible Human Beings Are Profiting From Ebola
http://www.cracked.com/quick-fixes/5-horrifying-ways-people-are-making-money-off-ebola/
Outliers, outliers everywhere!
‘Luxury apartment prices rose sharply in 2014 and 2015, but have since stagnated at lower levels’
‘Examples of steep discounts abound in the rarefied luxury market’
Can’t have it both ways WSJ. (Psst - It’s the steep discounts). I understand, you guys are trying to get out ahead of the bubble you’ve never reported on. Good luck, almost everything you put out these days I’ve covered for years.
Ben,
The direct link to the WSJ story appears to not be paywalled.. probably since it was linked to be Drudge.
https://www.wsj.com/articles/luxury-apartment-sales-plummet-in-new-york-city-1534770001
Why can’t you have it both ways? Not being snarky… just curious.
Luxury is dropping while lower price points are stagnating or being snapped up. Isn’t that what we saw for SFH in places like Seattle and Austin?
The reasoning is that houses prices at 3x household income and below are moving fast because that’s the price that end-consumers can afford full PITI. Meanwhile luxury tends to be investment property turned sour.
(That 3x household income price threshold varies among cities, but the concept is similar.)
‘Luxury apartment prices have since stagnated at lower levels…Examples of steep discounts abound in the rarefied luxury market’
What?
OK sorry, I misread the WSJ article. they meant luxury was dropping, but other housing at the lower lever pricing was stagnating. But WSJ really meant that luxury housing was dropping and then stagnating at a lower level after the drop.
Even then, WSJ can still have it both ways. One owner could list his apartment high, not sell, allow a 30%, and refuse to give it away. Result, the apartment stagnates at the 30% lower level.
Then a month later, another owner does the same thing with *his* apartment: list high, deep drop, stagnate. A month later, another seller does the same thing. At any one time, there are some new listings too high, some older listings discounting, and the oldest listings stagnating. I think *that’s* what WSJ was trying to convey.
Oxy,
I think some people here will disagree with you, but I actually agree with the premise of what you are stating. I think that all housing will be compressed when there is a correction, but I think luxury will have the largest compression.
I like to compare this to my car search. I’ve been looking for a Tesla or another EV. The largest price decreases are on the highest end models ($120k Model S or Model X). But once you get down to the $40k to $50k range, the depreciation curve flattens out.
The intrinsic value of an EV starts to be very compelling once you get to $35k because the gas savings where I am at are $1k-$2k annually, not including maintenance. So comparing that to housing prices, the lower priced units already have more compelling price-to-rent ratios and are likely closer to their intrinsic value (the value they can generate in rental income annually). The higher end stuff is more consumption and speculation, and I think this will fall harder.
Oxy - we’ve beat this to death over the years. There’s no such thing as luxury prices falling while cheaper stuff remains the same. If a luxury abode used to be $500k, but now it’s $300k, where does that leave the “old” $300k non-luxury abode? That’s right - a whole lot cheaper. As the Professor says “it’s turtles all the way down.”
Once the turtles at the top of the pyramid start to drop, their weight exerts a crushing pressure on those farther down the pyramid.
“Over the years?” No, not years. Yes, Ben has been reported price drops in *ultra luxury* in major investment cities. But near that 3x threshold, price drops started only a few months ago.
Before this summer, it was:
Ultra luxe - drop, e.g. $15M drop to $13.5M
Upper class - stagnation, e.g. $500K-$600K just sitting there (no need to sell yet)
Affordable - bidding wars, e.g. ~$300K selling for $330K.
Oxide has it right in the DC area. Mclean,Great Falls have been soft for over a year while my hood 22151 is on fire.
“Luxury is dropping while lower price points are stagnating or being snapped up. Isn’t that what we saw for SFH in places like Seattle and Austin?”
This is a nice application of Stein’s Law:
If luxury drops sufficiently to become competitive with your ‘lower price points’, then the ‘lower price points’ will go even lower, just like they did in the 2007-2009 episode. Nobody will snap up California fixer-uppers if much nicer homes are available for comparable prices. In fact, declining prices for luxury housing drives down the comps for anything of lesser value coming on the market.
“Some of the largest cities and their suburbs are also seeing growing numbers of price adjustments: Nearly 1 of every 5 listings in Chicago saw a price cut averaging 2.7 percent in the survey. In the Washington, D.C., metro area, 15.4 percent of all listings had price reductions that averaged 2.5 percent. In Miami-Ft. Lauderdale, the average decrease was 2.9 percent; metropolitan New York, 3.6 percent; Boston, 3 percent; San Francisco, 4.2 percent; San Diego, 2.3 percent; Charlotte, N.C., 2.4 percent; and Columbus, Ohio, 2.7 percent.”
What does the National Association of Realtors have to say about this?
They’re too busy running interference and scrubbing data.
City-data forums and any local city subreddit are infested with Realtor.
The truth exists, if you want it.
Trust me, I’m a REALTOR
Boxford, MA Housing Prices Crater 10% YOY As Boston Housing Bust Accelerates
https://www.movoto.com/boxford-ma/market-trends/
crater
‘The contracts that are getting done in the luxury end of the market are the result of sellers capitulating to reality,’ said Donna Olshan, a broker who monitors contract activity for high-end apartments.”
No, Donna, the contracts that are getting done are due to knife catchers who will shortly be joining their fellow FBs on the express train to Schlongville.
the bs has gotten so deep around here I think I need a new set of waiters.
Waiter, another round of a$$pounding for azdude!
You do know the difference between waders and waiters, right, AZ?
You do know the difference between waders and waiters
We’re all waiting to hear with baited breath.
The price drops are accelerating in the UK, one of the world’s most spectacular housing bubbles, as sellers are getting nervous and buyers are backing away.
https://www.independent.co.uk/news/business/news/house-prices-average-falls-august-sellers-to-market-rightmove-data-a8496636.html
What do you think would happen if prices began to simultaneously fall in Australia, England, Canada, the US, pretty much across a majority of the former British Commonwealth and its colonies?
Oh wait!
Oy vey!
The World Is Turning Away China’s Cash
BloombergQuint-3 minutes ago
New Zealand’s new law is a crude tool, Chris says, but an understandable one as speculative international capital has helped inflate the global housing bubble.
‘the global housing bubble’
Now Bloomberg?
Hey… someone has to lead. It may as well be The HBB.
Et tu, Bloomberg?
More housing does not lead to affordability
Financial Times-1 hour ago
There is an oversupply and huge supply of vacant units held off the market. But this is due to the commodification and financialisation of the housing industry.
“But this is due to the commodification and financialisation of the housing industry.”
Sounds like we need some new laws to kick Wall Street’s merry band of thieves and the foreign speculators out of residential housing.
“There is an oversupply and huge supply of vacant units held off the market.”
Wasn’t there a point in recent history where this kind of price fixing was illegal?
Professor Bear, what is yer $ub$titute in the a$$et range$ of $300,000 - $2,000,000 + … x million$ of unit$, that you can get ea$y loan$ $tretched to 30 year$ ???
There is an oversupply and huge supply of vacant units held off the market. But this is due to the commodification and financialisation of the housing industry.
We discussed this years ago. The policy makers knew it - know it. It’s interesting an official organ like the FT would be mentioning this now. Data point.
Asset bubbles are a subtle purchasing power transfer mechanism. The net losers - which includes larger numbers of young people - are still none the wiser about the transfer. But they do know they are not economically comfortable and they do see they are faced with a declining standard of living. If they vote to replace large numbers of politicians, that is the thing which will cause changes in policy.
Pumping money into the FIRE sector and dropping interest rates to zero, although easy, was probably not the right answer to the financial crisis. What’s happening now (interest rates that don’t promote financial shenanigans/speculation, fiscal stimulus, deregulation, enticements to deleveraging) was probably the right course of action.
Encouraging more debt in response to a debt crisis - this stuff doesn’t pass the giggle test. Although to a person completely immersed in (high error) economic models, it makes sense. The people who rise to the top of the field are smart people, people able to understand and manipulate the existing framework. But because all the social sciences have “physics envy”, they place a premium on mathematical modeling, and less on human psychology.
A similar field would be something like weather forecasting. But the wind in this case (people) moves much more unpredictably than actual wind.
we need some new laws
Aren’t the ice hoarding and gouging laws? That might actually apply here.
“Encouraging more debt in response to a debt crisis - this stuff doesn’t pass the giggle test.”
This is the widely acclaimed hair-of-the-dog hangover cure, which many an alcoholic swears by.
“This is the widely acclaimed hair-of-the-dog hangover cure, which many an alcoholic swears by.”
This is the path all addicts choose, which leads to seizure and death.
Beer $ales will increa$e $ignificantly. … (that’$ my theory, & eye’m $tickin’ with it!)
free popcorn too!
Overall sales of apartments priced at $5 million or more fell by 31% during the first half of the year, compared with the same period in 2017, according to a luxury market report by Stribling.
Gosh, to a non-expert like me that looks more like a crash than a correction. Bet the second half of the year is going to defy all REIC attempts to label it anything other than what it is: a bursting bubble.
Oh, the humanity….
Smoke and mirrors. Snake oil salesman all of them realtors. I keep seeing these articles where the realtors use the word “little” like it’s going down a little or we have a little less buyers. The excuses realtors use are over the top stupid. “This summer during the highest selling / buying time of the year, sellers and buyers went on vacation which caused the lower numbers” oh that explains it and your a realtor so it must be true.
“’This summer during the highest selling / buying time of the year, sellers and buyers went on vacation which caused the lower numbers’ oh that explains it and your a realtor so it must be true.”
Let’s take a look at this:
If the actual sale (a transaction where an item passes from one person to another) happened at the same time the decision was made to make the sale then the sale could be immediately chalked up as a sale. This sort of sale is an EVENT.
But if the sale was not completed at the time the decision for the sale was made but only began the PROCESS of making the sale then the sale would not be chalked up until after the process was completed. In the case of real estate this process could take several months.
THEREFORE the fall off in real estate sales due to summer vacations would not show up until months later, well after summer was over.
I will carry this a bit furthur:
If the drop on real estate sales are reflected currently, during this summer, then the decisions that went into this summer drop off did not happen this summer but happened several months ago ; IOW the drop off in sales actually happened last spring.
- Don’t count your chickens before they hatch.
- Driving while looking through the rear-view mirror heightens the risk of a crash.
“The rate of reductions was higher than it’s been in some markets for years. In Seattle, which has been scorching hot — with multiple offers and double-digit appreciation routine — 12 percent of listings got a price reduction in June, the highest percentage since 2014. The median cut was 3.1 percent.”
I sense a great disturbance in the force, as if a million hipster FBs screamed out in terror and were suddenly silenced.
No, that was just Snapchat going offline for a little maintenance.
Haha.
Best line ever from “Two Broke Girls” - “Twitter is stupid and Instagram is Twitter for people who can’t read.”
(way, WAY off topic)
Do any of you LA pukes remember Angelyne? You know, the scantily-clad chick that was on billboards all over town many years ago?
Yeah? Well, here’s an update (and a good read) …
Angelyne’s Real Identity Is Finally Solved | Hollywood Reporter
https://www.hollywoodreporter.com/features/angelyne-la-billboard-diva-30-years-1025678
Just shows what someone can do with a little bit of makeup and a whole lot of surgery. Warning: don’t scroll down to the final photo.
That is some intense family history.
That is some intense family history.
There is probably more to that than meets the eye. I took some advanced training in PTSD about 30 years ago. About 25 in our group, mostly psychologists & psychiatric social workers, and an odd physician (me). Our discussions got around to which ones in our group themselves had PTSD for whatever reason, about 3/4 of everyone. It also got around to children of concentration camp survivors, which again comprised about 3/4 of the group. One such, a woman, recalled being screamed at as a “f–ing Nazi” by her mother, at times, and how painful that was. And there were worse stories.
“f–ing Nazi”
That reminds me of some deep childhood memories of my own which I never to this day fully comprehend. I attended a private parochial grade school in the Midwest. One of my second grade classmates constantly needled another one by calling him a “Nazi”, which provoked immediate retaliation in the form of a fist fight. Whatever these kids’ parents told them about Nazis apparently translated into a license to abuse their peers.
I remember seeing her billboards in LA! I don’t recall seeing her (or the ubiquitous pink ‘vette). Thanks for posting that.
I see her around all the time in her pink Corvette. She loves to hang out at the Coffee Bean on Santa Monica Blvd in West Hollywood and I also see her at the Trader Joes in WeHo as well.
If you want a photograph or to talk to her, she will let you only if you purchase some Angelyne merchandise. Just one of those LA characters. Amusing but harmless.
Avon, CT Housing Prices Crater 16% YOY As Wholesale Liquidation Of Boomer Housing Begins
https://www.movoto.com/avon-ct/market-trends/
A corrupt Chinese ratings agency? Say it ain’t so, ABQ Dan!
https://wolfstreet.com/2018/08/20/how-china-struggles-to-contain-its-corporate-bond-morass/
Palm Shores, FL Housing Prices Crater 23% YOY As Homeowners Take A Hosing…. On Housing
https://www.movoto.com/palm-shores-fl/market-trends/
There clearly are situations where volatile Bitcoin HODLings beat the readily available alternatives.
The Financial Times
Americas politics & policy
Venezuela lops five zeros off the bolívar
Currency devalued by 95 per cent and redenominated in effort to curb hyperinflation
The best way to become is Bitcoin millionaire is to start off as a Bitcoin billionaire.
Curiouser and curiouser…
Aug 20, 2018, 05:47am
Bitcoin Believers Speak Out In Venezuela As Maduro Makes Historical Devaluation
Billy Bambrough
Crypto & Blockchain
I write about how bitcoin, crypto, and fintech are changing the world.
A Venezuelan man shows Venezuelan bolivar bills as she sells products in Norte de Santander Department, Colombia, on the border with San Antonio del Tachira, Venezuela, from where hundreds are crossing through the Simon Bolivar international bridge on August 19, 2018. (Photo credit: Schneyder Mendoza/AFP/Getty Images)
The bitcoin and cryptocurrency world has been closely watching Venezuela over recent years as the socialist country grapples with an economic crisis that has plunged people’s lives into chaos.
Now Venezuelan President Nicolas Maduro has broken new ground in his efforts to stabilize the country’s economy: lopping five zeros off the bolivar, introducing new bills, a name change and linking the new bolivar’s value to the national oil-linked petro cryptocurrency.
The official rate for the currency will go from around 285,000 per dollar to 6 million while the minimum wage will be raised some 3,500% in an effort to offset the devaluation shock.
The historic devaluation and changes to the currency mean the new minimum wage will be 1,800 sovereign bolivars, instead of 1.8 million old bolivars.
Meanwhile, bitcoin and cryptocurrency use in Venezuela has remained far above other countries, with transaction volumes climbing since the beginning of this year, according to peer-to-peer exchange LocalBitcoins.
There are fears amongst the country’s citizens that things are only going to worsen as oil production, effectively the country’s sole industry, has plunged amid a shortage of equipment and technical expertise.
Last month, the International Monetary Fund warned Venezuela’s economy is expected to contract by around 18% in 2018, while inflation is forecast to reach 1,000,000% — making Venezuela one of the worst hyperinflationary crises in modern history.
“We are projecting a surge in inflation to 1,000,000 percent by end-2018 to signal that the situation in Venezuela is similar to that in Germany in 1923 or Zimbabwe in the late 2000’s,” Alejandro Werner, director of the IMF Western Hemisphere department, wrote in a post on the agency’s blog.
People in the country are struggling with the level of inflation, which is making it hard to pay for everyday things and many are opting to use bitcoin and cryptocurrencies.
“Cash is almost useless as a method of payment,” one Venezuelan citizen, who wished to remain anonymous, said ahead of the weekend’s currency changes. “The biggest bill is 100,000 bolivars, which cannot be used to pay for anything. A small coffee is almost two million bolivars.”
Cash is only used to pay for public transportation, gasoline, and tolls, according to the Caracas resident: “It is chaos!”
https://www.forbes.com/sites/billybambrough/2018/08/20/bitcoin-believers-speak-out-in-venezuela-as-maduro-makes-historical-devaluation/#4f916d1d45ae
Love to see how the NAR is going to spin these headlines.
https://www.zerohedge.com/news/2018-08-20/luxury-apartment-sales-plummet-new-york-sellers-capitulate
Is it safe to assume that U.S.-China trade tensions are fully contained now?
Or not…
Politics
U.S. Moves Toward New Tariffs on China Despite Fresh Round of Trade Talks
Two approaches reflect split in Trump administration on how to deal with Beijing; American companies complain about levies at hearings
By Bob Davis and Andrew Duehren
Aug. 20, 2018 4:55 p.m. ET
WASHINGTON—The Trump administration is moving closer this week to levying tariffs on nearly half of Chinese imports despite broad opposition from U.S. business and the start of a fresh round of talks between the U.S. and China to settle the trade dispute.
…
One of my worst fears is sailing @ night … waiting to strike a loose floating chine$e $hipping container!
( 98% filled with $tuffed good$ bound for America’$ .99 cent$ $tore$ )
California ranch lists for 125 times previous purchase price
He bought his 75-acre Devil’s Gulch Ranch in western Marin County back in 1971 for $550 an acre and has been raising pigs, sheep, rabbits and poultry ever since.
https://www.cbsnews.com/news/california-ranch-lists-for-125-times-original-purchase-price/
I hope we later get to see what it actually sells for.
Takoma Park, MD Housing Prices Crater 13% YOY As Bottom Falls Out of NoVA/DC Housing Market
https://www.zillow.com/takoma-park-md/home-values/
*Select price from dropdown menu on first chart
I never did like this guy, if you watch his 3 min Realtor spew video he has a girl spell out the incentives (free month rent free Realtor fee) on the brand new units as heard here from our host.
NEW: CBS 12 news anchor Eric Roby exits after 17 years (Dope)
Aug 11, 2018
By Chelsea Todaro, Palm Beach Post Staff Writer
After working as a news anchor at CBS 12 for 17 years, Eric Roby made a career-altering decision to become a real estate agent.
“I’ve decided to hang up my microphone and use my knowledge of all of our south Florida neighborhoods to sell real estate,” Roby said in a video on his Facebook fan page. “Best of all, no more bad news—I’ll only be giving good news.”
https://www.palmbeachpost.com/news/local/new-cbs-news-anchor-eric-roby-leaves-career-behind-become-realtor/HP7DwIRNwFE9v00ZBiB5yM/
As a Real Journalist he should have no trouble switching to another career where lies, dissembling, and pitching The Narrative are a stock in trade.
“Now is always the best time to buy!”
“Best of all, no more bad news—I’ll only be giving good news.”
I guess we will have to give the bad news in the next crash.
U.S. foreclosures rise for the first time in 36 months.
https://www.zerohedge.com/news/2018-08-21/us-foreclosures-rise-first-time-36-months
Non-scientific data point but Zillow’s Pre-Foreclosure counts in the Rankin County, MS area have gone up around 12% (122 now, was less than 110) in the last 3 months.
Study: Foreclosures rising off looser lending standards.
B…b…but the HBB’s resident Kool-Aid imbibers assured us that loose lending was no longer a problem, post-2008.
https://www.thehour.com/business/article/Study-foreclosures-rise-off-looser-credit-13171027.php
New report shows a huge increase in foreclosures in SW Florida.
Surely an outlier…an anomaly…couldn’t POSSIBLY be a leading indicator that Housing Bubble 2.0 is bursting, even though Floriduh is usually where the rot shows up first.
Ben, better line up some industrial-sized deliveries of crow, since that’s going to be a dietary staple for the HBB’s resident Kool-Aid imbibers.
https://www.fox4now.com/news/local-news/new-report-show-a-huge-increase-in-foreclosures-in-southwest-florida
“the number of home owners who have started the foreclosure process in Cape Coral and Fort Myers, has gone up 59% since last July.
The year over year number from June, was an increase of 64%, which is much higher than the nationwide increase of just 1%.”
Thems some big increases! The “heat” map they show in the video at that link is interesting. It depicts where foreclosures have started to go up.
builder stock gone wild today
por que?