February 27, 2014

The Market Reached Its Peak At The End Of 2013

The Denver Post reports from Colorado. “Metro Denver home sales prices slipped for the third month in a row in December but still were 9 percent higher year-over-year, according to Case-Shiller. ‘I think what we are seeing overall is a very slight moderation more related to seasonality,’ said Metrolist CEO Kirby Slunaker said ‘The reason I say that is because we are at 9 percent year-over-year. If you look at the Case-Shiller Index for January 2013, it was sitting at 134, and in nine months it went to 147. That is a 13 point increase in just nine months — a pretty aggressive increase.’”

“In 2013, single-family home sales in metro Denver beat a record set during the housing boom. There were 42,762 detached single-family homes sold, which surpassed the previous record of 41,682, set in 2004. Those homes sold for an average price of $336,831, which also was an annual high.”

The Albuquerque Journal in New Mexico. “Sales of existing homes across the US and in New Mexico plummeted in January to the worst pace in 18 months, the National Association of Realtors said. In New Mexico, separate reports of non seasonally adjusted sales — statewide and in the Albuquerque metro area — also showed a strong dropoff in January from December. ‘Such a picture confirms that the U.S. housing market reached its peak at the end of 2013 and further reacceleration is unlikely near term,’ Annalisa Piazza of Newedge Strategy said in a research note.”

The Phoenix Business Journal in Arizona. “The Phoenix-area real estate industry has been somewhat tight-lipped on its opinion of the controversial ‘religious freedom’ bill that’s waiting for Gov. Jan Brewer to either sign or veto. But the few local housing experts I did speak to collectively agree that Senate Bill 1062 being signed into law would be a damaging blow to the market and its recovery, which has been slowing in recent months.”

“‘If it hurts business; it hurts housing because business drives housing,’ said Michael Orr, a housing expert at Arizona State University’s W.P. Carey School of Business.”

“Orr noted demand is already weakening. Despite the fact that there were 36 percent more homes on the market Valleywide in December than a year earlier, sales had taken a 17 percent drop, according to Orr’s research. Part of that drop in sales was due to a loss of interest from out-of-state buyers.”

The Wall Street Journal on Arizona. “Home prices in Phoenix posted their first monthly decline since 2011 in December, according to the S&P/Case-Shiller price index. The latest figures show Phoenix is off to a less than promising 2014. The number of homes for sale in January stood 29% above their levels of a year earlier, according to the Arizona Regional Multiple Listing Service Inc. Meanwhile the number of homes sold in January fell 17% from last year, the sixth straight month in which sales have fallen from a year earlier.”

“If Phoenix cools, that could portend ominously for parts of California, Nevada, and Florida that have shown similar rebounds in recent years. ‘Demand is really getting quite low. Each month it seems to get a little worse than I expect,’ said Mike Orr, a real estate director at the W.P. Carey School of Business at Arizona State University. Last year, the problem for builders was that they were running out of homes to sell. ‘Their biggest problem now is not having enough people coming through the sales offices with good credit,’ says Mr. Orr.”

“Investors accounted for just 19% of homes sold in December, according to Mr. Orr, down from a peak of nearly 40% in July 2012. Demand from Canadian buyers has also cooled as the exchange rate becomes much less favorable compared with a few years ago. Prices could turn negative ‘if the current situation lasts much longer,’ says Mr. Orr.”

“Mr. Orr says it’s ‘over-simplistic to write this all off on investors,’ said Mr. Orr. ‘It’s not just investors and it’s not just weather. We’ve had glorious weather here.’ Instead, Mr. Orr says demand from entry level buyers is weak, and that younger households seem more inclined to rent, either because they can’t afford to purchase, they can’t qualify for a loan, or they simply aren’t interested in ownership.”

Inside Tucson Business in Arizona. “By the end of this year, roughly 1,150 units constituting about 3,200 beds will be built for students, in the towers and elsewhere within blocks of the University of Arizona. And university-area property owners are already feeling it. Allan Mendelsberg, who specializes in apartment and investment sales at Picor, said as the 2013-14 school year approached, owners of smaller, dated campus-area properties got desperate and took big reductions just to fill units.”

“Now, student-geared complexes along First Avenue, Stone Avenue and north of Grant Road are shifting focus, angling for the nontraditional students, foreign exchange students and small families to fill the three- and four-bedroom units. ‘There’s definitely supply versus demand question that lingers in the marketplace,’ Mendelsberg said.”

“Mendelsberg said the complexes that were at the top of the heap 10 to 15 years ago have all changed hands within the last couple of years as owners saw the writing on the wall. ‘There’s a reason for that, I think,’ he said. ‘The previous owners have started to realize what’s going on and a lot of them wanted to exit.’”

“Many of his chats are with frustrated owners, and the financials aren’t pretty when he approaches lenders. ‘I’m embarrassed sometimes to try to even get financing,’ he said. There just aren’t many cash buyers willing to purchase properties in less desirable parts of town, properties that need a lot of updating, and owners feel stuck. Mendelsberg said he sold a southside complex at a $500,000 loss because the owner, who owned it for less than a year, just wanted out.”




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69 Comments »

Comment by Whac-A-Bubble™
2014-02-27 05:50:04

“Sales of existing homes across the US and in New Mexico plummeted in January to the worst pace in 18 months, the National Association of Realtors said.”

Dang weather!

And as luck would have it, three out of the nineteen adult households in my generation on dad’s side of the family, including siblings and first-cousins, put their houses on the market just this month! How weird a coincidence is that, given that (so far as I am aware) nobody in my generation has sold a home since 2006?

Comment by Jingle Male
2014-02-27 06:22:42

Whac, perhaps your dads peeps are reading your posts and deciding to cash in, while the cashing in is good?

I am curious, what external factors are driving the desires to sell? Life style change, job change, marital transitions, upgrading, downsizing, financial stress, financial gain? Inquiring minds want to know!

Comment by taxpayers
2014-02-27 06:26:45

if my house was a stock I’d be pushing the sell button

 
Comment by Whac-A-Bubble™
2014-02-27 06:48:36

“Whac, perhaps your dads peeps are reading your posts and deciding to cash in, while the cashing in is good?”

I don’t think so. Anyway, the time to cash in was last year before the bond market crashed.

Comment by Ronnie'sLeftMango
2014-02-27 07:35:59

And before the FHA loan limits dropped big time.

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Comment by MacBeth
2014-02-27 07:22:17

How about ObamaCare?

NAH - Can’t be. Tens of millions paying hundreds of dollars more dollars EACH MONTH to pay for something (at gunpoint) has nothing to do with housing sales.

Nor does ObamaCare have anything to do with retail sales that have falled off a cliff.

ObamaCare must be insignificant. I say this because no one is citing it as damaging to housing and retail sales. Rather, it’s all the weather’s fault…including the warm and dry Arizona and California.

Comment by taxpayers
2014-02-27 08:24:33

bush

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Comment by Housing Analyst
2014-02-27 06:13:56

“‘Such a picture confirms that the U.S. housing market reached its peak at the end of 2013″

No new highs, just a lower peak on the way down thus a dead cat bounce

http://www.michaelcovel.com/images/98.gif

Comment by Blue Skye
2014-02-27 07:15:18

Yes, but isn’t this all over one wedding cake for an unnatural union? Hard to believe that cake would save the economy of the whole state.

Comment by Blue Skye
2014-02-27 07:17:31

Looks like my aim is off today.

 
 
 
Comment by Housing Analyst
2014-02-27 06:15:52

“‘If it hurts business; it hurts housing because business drives housing,’ said Michael Orr, a housing expert at Arizona State University’s W.P. Carey School of Business.”

Whatta ya know! Mike (wh)Orr actually gets something right!

I love how “housing experts” defer to the analysts here on the HBB. ;)

Comment by MacBeth
2014-02-27 07:34:43

WOW…what a statement.

What exactly, is slowing business in Arizona, California and Florida.

Oh yeah, that’s right. It’s the WEATHER. It’s the inability for individuals and investors to get around in sunny, warm weather that is hampering home sales in Arizona, California and Florida.

Increasing energy costs has nothing to do with it. Nor does a slowing China. Nor does the public perception that the Fed is “tapering”. Nor does Obamacare. Nor do increasing taxes.

Funny how everything is due to the weather.

Comment by Ben Jones
2014-02-27 07:42:36

At least he acknowledged that houses don’t drive the economy, but is the other way around. BTW, this has been the warmest, most storm free winter since I moved to Arizona.

Comment by MacBeth
2014-02-27 07:48:20

A bare minimum acknowledgement, Ben. Perhaps it’s the start of a trend?

Seems there’s some mighty big rugs and mighty big brooms supporting the most transparent administration in history.

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Comment by Whac-A-Bubble™
2014-02-27 23:48:00

Big storm headed into SoCal this weekend. I guess we should expect the housing market to crash in response?

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Comment by Puggs
2014-02-27 10:36:08

Making excuses such as they due only exposes the larger problem these people have - BPD.

Comment by Blue Skye
2014-02-27 13:35:23

The depression to follow will be as big as the mania was. It’s a law. That’s why it is a very bad idea to give anti-depressants to someone who is manic. You only hurt them worse in the end. Same thing for shoveling more debt via the central bank to borrowers gone berserk. We’d be starting to recover by now if they hadn’t piled on the uppers. Now, the dark days are ahead, and we’re a decade more tired.

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Comment by Housing Analyst
2014-02-27 06:21:48

“The number of homes for sale in January stood 29% above their levels of a year earlier, according to the Arizona Regional Multiple Listing Service Inc. Meanwhile the number of homes sold in January fell 17% from last year, the sixth straight month in which sales have fallen from a year earlier.”

Ehhhhh….. no. Inventory is up 83% in Phoenix

http://www.movoto.com/phoenix-az/market-trends/

And no again… Phoenix housing demand fell 27% and demand today is lower than anytime in the last 10 years.

http://www.zillow.com/local-info/AZ-Phoenix-home-value/r_40326/#metric=mt%3D30%26dt%3D1%26tp%3D6%26rt%3D8%26r%3D40326%26el%3D0

Either realtors;

a) Can’t get anything right

or

b) Are liars.

 
Comment by Housing Analyst
2014-02-27 06:27:17

N. Bethesda, MD Housing Prices Slide 49%; Price/sqft Down

http://www.movoto.com/north-bethesda-md/market-trends/

 
Comment by Housing Analyst
 
Comment by Jingle Male
2014-02-27 06:37:45

“….Demand from Canadian buyers has also cooled as the exchange rate becomes much less favorable compared with a few years ago.”

I don’t understand this thinking by Canadians. If the dollar is strengthening, it is better to own assets in the US.

The last time I was in Canada, the dollar was trading for $1.46 Canadian. Now the “almighty” dollar gets $.91 Canadian.

Let’s assume a Canadian buys a $200,000 house ($182,000 C) in Phoenix today and the exchange rate works its way back to $1.46 over the next 5 years. When the Canadian owner sells for $220,000 (I know, I know, none of you think real estate is going up, but bear with me!), the investor takes home $321,200 Canadian. That is $139,200 C increase in his Canadian bank account. That is a 76% ROI on his investment over 5-years. That is a 12% annualized ROI.

That does not take into account whether the investor rents the property, uses it as a vacation home or incurs negative or positive cash flow in the interim. And of course, HA_HA, housing always depreciates (law of entropy). But a 12% ROI tail wind never hurts!

Comment by Whac-A-Bubble™
2014-02-27 06:54:42

“If the dollar is strengthening, it is better to own assets in the US.”

Your post ignores economic headwinds back home, which might serve to limit the number of qualified and interested Canadian investors in U.S. housing.

Severe Winter Weather Hampering Canadian Economic Recovery

By Theophilos Argitis Feb 14, 2014 1:29 PM PT

Severe weather even by Canadian standards has cast a chill on the country’s economic rebound.

Canada’s real estate association reported today freezing temperatures kept prospective buyers at home last month, sending sales down 3.3 percent from December, which also saw a decline in transactions. Manufacturing sales unexpectedly dropped in December, with Krishen Rangasamy at National Bank Financial in Montreal saying weather probably contributed to the weak data.

Toronto experienced the coldest December-January period in 20 years as temperatures in Canada’s largest city averaged minus five degrees Celsius (23 Fahrenheit). An ice storm in December cut power to 600,000 homes in Eastern Canada. Calgary reported the most snow in more than a century in December and temperatures in Winnipeg, Manitoba dropped below minus 30 degrees Celsius for 12 days last month.

Weather is playing a big role,” Doug Porter, chief economist at Bank of Montreal’s BMO Capital Markets, said in a telephone interview. “It’s not as if the country is a stranger to winter weather, so it can probably deal with it a little bit better. But even here it’s likely weighing on some of the indicators.

Comment by snake charmer
2014-02-27 08:13:52

I have lived in a variety of climates and can’t say that the weather ever delayed a single purchase I made, other than postponing something by a day or so.

Do these reports from bank economists and realtors ever quote a single prospective buyer who admits to not buying a house because it’s cold outside?

Comment by GrizzlyBear
2014-02-27 16:32:43

The weather actually promotes economic activity. Cold weather drives sales of generators, pipe insulation, etc., and leads to more business for plumbing contractors, body shops, tow trucks, etc. The weather excuse is absolute BS.

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Comment by HousingAnalyst
2014-02-27 17:40:26

Hey hey! Grizzly nails it.

 
 
 
 
Comment by Dave of the North
2014-02-27 06:56:19

I checked today’s exchange rate and it would cost me $ 222,340 CDN to buy a $ 200,000 US house.

Comment by Housing Analyst
2014-02-27 07:09:50

That’s right. Now add on losses to taxes, interest, depreciation and you’re up to $600k on a $100k house.

Comment by Ben Jones
2014-02-27 07:20:32

There is a simpler explanation. Prices are no longer going up, so the buyers turn into sellers. This is the result of speculation.

‘Cape Coral-Fort Myers saw one of the nation’s biggest drops in January in its share of home sales made to institutional investors. A report by RealtyTrac shows a 70 percent decline in activity over the year.’

‘Other metros with big drops included: Memphis, Tenn., down 64 percent; Tucson, Ariz., down 59 percent, and several others in Florida, including Tampa (down 48 percent) and Jacksonville (down 21 percent).’

“Many have anticipated that the large institutional investors backed by private equity would start winding down their purchases of homes to rent, and the January sales numbers provide early evidence this is happening,” said Daren Blomquist, a vice president for RealtyTrac. “It’s unlikely this pullback in purchasing is weather-related.”

Then look at where they are buying:

‘Austin, Texas (up 162 percent).’

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Comment by Ben Jones
2014-02-27 07:24:22

See this:

‘Chart of the Day: The mortgage market’s plunge’

The related report:

‘Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association. The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.’

‘Unusually bad weather has been blamed for weak home sales and buyer traffic in much of the nation this winter, but sales in January fell the most in the West, where weather was not a factor.’

 
Comment by MacBeth
2014-02-27 07:44:17

Uh-oh.

You mean someone actually has said such a thing?

So, what’s the reason people and “investors” aren’t buying housing?

And as I’ve already said ad nauseam, increased payroll taxes, income taxes and ObamaCare have nothing to do with it. The citizenry is NOT feeling the pinch of having hundreds of dollars less to spend each month.

Geez, guys. How many times do I have to repeat this same outlandish meme over the course of a day? It’s getting old.

The New Math:

Increased taxes + shrinking incomes = economic prosperity.

 
Comment by Blue Skye
2014-02-27 08:00:02

and Cincinnati?

The all cash investor frenzy seems to die off pretty quickly in any particular area.

Short sales are still 5% of the market. Shouldn’t that drop to near zero pretty quickly since the tax forgiveness carrot is gone?

 
Comment by taxpayers
2014-02-27 08:27:12

Memphis, Tenn., down 64 percent; Tucson, Ariz., down 59 percent, and several others in Florida, including Tampa (down 48 percent) and Jacksonville (down 21 percent).’

all weather related !!!!!!!!

 
Comment by Ben Jones
2014-02-27 08:48:00

‘New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.’

‘S&P’s main concerns “revolve around the industry’s operational infancy, historical performance,” lack of testing under “extreme economic conditions and the ultimate liquidation values of the underlying properties, given the risks associated with short liquidation periods,” it said today in a report.’

‘loss buffers can be tied to items such as classes of deals bearing losses before others, or collateral in excess of the amount of notes sold. The Blackstone transaction was backed by houses bought for $444.7 million and valued at $638.8 million.’

‘Fitch Ratings said in October it didn’t believe that rental-home securities should get top ratings now, citing in part the limited track record of big institutions in the business and incomplete historical data on how rents, vacancies and other considerations can vary over economic cycles.’

‘The firm said in a statement then that it was also concerned the borrowing could be hard to refinance or to pay off with the proceeds of home sales that could potentially flood markets.’

 
Comment by Puggs
2014-02-27 10:41:30

Quite enlightening this is.

 
Comment by Housing Analyst
2014-02-27 12:37:16

“S&P’s main concerns “revolve around the industry’s operational infancy, historical performance,” lack of testing under “extreme economic conditions and the ultimate liquidation values of the underlying properties”

It seems S&P understands what we’ve known all along that these outfits paid massively inflated prices for depreciating houses resulting in negative cashflow.

 
Comment by GrizzlyBear
2014-02-27 19:08:33

“The Blackstone transaction was backed by houses bought for $444.7 million and valued at $638.8 million.

Yeah, right. Who is “valuing” them, Blackstone themselves?

 
 
Comment by Puggs
2014-02-27 10:37:51

True that! that’s so brussel sprout!!

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Comment by Jingle Male
2014-02-28 07:31:47

Yes Dave, I had the exchange rate backwards and you are correct.

 
 
Comment by Blue Skye
2014-02-27 07:27:35

” Now the “almighty” dollar gets $.91 Canadian.”

You have that backwards.

Buying a house is a very silly way to bet on currency exchange rates. The carry cost is enormous.

If your Loonie has lost 20% of its value and your economy is sliding into the toilet, you don’t have as much HELOC money to buy investment houses in overpriced Phoenix. This isn’t good for Jingle’s empire of debt either.

Comment by GrizzlyBear
2014-02-27 19:13:05

“This isn’t good for Jingle’s empire of debt either.”

There isn’t anything good about Jingle’s empire of debt. It’s built on a foundation of sand.

 
 
 
Comment by Housing Analyst
2014-02-27 06:46:11

“Realtor Pleads Guilty In 2012 Forgery Case”

http://www.dawsonnews.com/section/5/article/14176/

With this amount of crime in the housing business, you’re sure to lose alot of money if you play.

Comment by Whac-A-Bubble™
2014-02-27 06:55:42

Is this supposed to be “news”?

 
 
Comment by Housing Analyst
2014-02-27 07:02:02

25 MILLION excess, empty and defaulted houses CHECK

Housing demand at 17 year lows and falling CHECK

Housing prices inflated by 250% CHECK

Household formation at multi decade lows CHECK

Rampant housing fraud CHECK

Public denial formed and supported by a corrupt media CHECK

Population growth the lowest in US history CHECK

Immigration flat to slightly negative CHECK

Oh my word……

Comment by Puggs
2014-02-27 10:44:24

Crap meet fan.

 
 
Comment by goon squad
2014-02-27 07:08:13

‘denver defied a national trend in january by seeing a big uptick in the number of institutional investors buying homes here, according to a new realtytrac report.

nationally, the share of institutional investor purchases in january hit a 22-month low of 5.2 percent of all home purchases.

in denver, however, the share of institutional investor purchases rose 21 percent to 8.2 percent.’

http://m.bizjournals.com/denver/blog/finance_etc/2014/02/denver-bucks-national-trend-in.html

Comment by Housing Analyst
2014-02-27 07:20:59

At least we know where the largest crater formation will be…… besides california.

Comment by MacBeth
2014-02-27 07:58:22

Nothing better than a Rocky Mountain High and a winning Super Bowl team to drive up investor interest in a city, HA.

Oops…

How does one write “Loser” in Mandarin or Cantonese?

 
 
 
Comment by Ben Jones
2014-02-27 07:26:02

AZ Slim said this was going to happen.

‘Mendelsberg said he sold a southside complex at a $500,000 loss because the owner, who owned it for less than a year, just wanted out.’

 
Comment by Housing Analyst
2014-02-27 07:28:58

Arlington, VA Housing Prices Slide 14%; Excess Inventory Skyrockets 33%

http://www.movoto.com/arlington-va/market-trends/

Comment by MacBeth
2014-02-27 08:04:21

Got your Titanic deck chairs at hand, all you Washingtonians out there?

Big Government = Titanic.

And you thought you were going to be spared…

Paraphrasing….”Socialism is great until you run out of other people’s money” - Margaret Thatcher.

Comment by taxpayers
2014-02-27 08:46:26

my county near dc has a $100k a year bicycle coordinator- we’re better than you

 
 
 
Comment by Ben Jones
2014-02-27 07:36:09

‘A scarcity of nondistressed inventory in many markets in January helped bank-owned properties, short sales and foreclosure auctions account for nearly 1 in 5 existing-home sales in January, a new report from RealtyTrac suggests.’

‘Short sales and distressed homes accounted for 17.6 percent of existing-home sales — the highest proportion since March 2013 — according to RealtyTrac.’

Comment by Ben Jones
2014-02-27 08:18:30

‘The share of distressed property sales in California edged up from 15.5 percent in December to 15.6 percent in January…January saw an increase in active listings across all property types, especially in equity properties. The Unsold Inventory Index for equity sales climbed from three months in December to 4.4 months in January. The supply of REOs rose from 2.8 months in December to 3.2 months in January, and the supply of short sales increased from 3.2 months in December to 4.6 months in January.’

‘Pending sales were down 17.5 percent from the revised 102.8 index recorded in January 2013. The year-over-year decline was the fifth straight annual double-digit drop in the PHSI. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.’

 
 
Comment by Housing Analyst
2014-02-27 07:39:46

“Homeownership Rate Falls to 18-Year Low”

http://www.chicagotribune.com/business/breaking/chi-homeownership-rate-20140131,0,7362039.story

This is what happens with the price of a depreciating asset inflates 250% higher than cost of reproduction.

 
Comment by taxpayers
2014-02-27 08:48:54

if banks are releasing short sales etc and FL has one yr 3000k of this type inventory
what’s next
300k = one year of sales

what’s you states ratio ?

Comment by inchbyinch
2014-02-27 09:09:56

At an open house Sunday, a listing agent on a short sale in my neighborhood, told me the house would take at least 28 months to close. Holy Moly!

Comment by Ben Jones
2014-02-27 09:53:17

Might as well not even be for sale.

Comment by inchbyinch
2014-02-27 14:51:45

Ben
Gotta start the process sometime. We were 2nd up on may short sales back in 2011-12. We became 1st up within months. People get sick of waiting it out. That 28 month cycle tells us a lot, doesn’t it!

Oh, they wanted the buyer to be aware of a $16K second that the owner wanted paid off. In Ca, it’s by recording order, first posted was the 1st, so the 2nd is sol.

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Comment by Captain Credit Crunch
2014-02-27 09:01:28

“Mr. Orr says it’s ‘over-simplistic to write this all off on investors,’ said Mr. Orr.

Does the REIC now speak of itself in third-person?

Comment by Captain Credit Crunch
2014-02-27 09:02:59

Whoops, didn’t see that single quote. Guess it’s just incompetent writers.

 
Comment by Puggs
2014-02-27 10:33:25

Jimmy is pretty sweet on real estate. Jimmy likes something he goes for it.

 
 
Comment by Puggs
2014-02-27 10:27:54

“‘Such a picture confirms that the U.S. housing market reached its peak at the end of 2013″

2013 buyers will need to load up on Zoloft, Celexa and maybe something stronger after this news.

 
Comment by taxpayers
2014-02-27 10:48:07

yellen is the new weather lady
az-fl-ca - too cold to build or buy RE

 
Comment by Housing Analyst
2014-02-27 12:42:59

“Get what you can get today for your house because it’s going to be less tomorrow for many years to come. Housing prices resumed falling.”

You better believe it…… Mister.

 
Comment by Beachchic
2014-02-27 13:45:40

I am having a difficult time finding a decent condo to rent in Huntington Beach Ca. Seems that investors are trying to recoup the outrageous costs they incurred when they outbidded each other over the last two years. The places are sitting empty, with no tenants.

Does anyone have advice for scoring a good rental in a decent neighborhood? I am not ready to buy at these prices.

 
Comment by Beachchic
2014-02-27 15:10:47

Meant to post above in today’s Bits.

Comment by inchbyinch
2014-02-27 19:42:15

Hi Beachchick
Craigslist is where our LL friends post.
They seem to have good luck there.
Ride your bike in the target area, and get the word out. We schmoozed and found our rental that way. (Pre-purchase days)
We once used a rental agency. A waste
of time. Lots of come-on ads to get membership
dues from you.

Comment by Beachchic
2014-02-27 22:52:27

Thanks! I think I will try Craigslist. I have seen some too good to be true rentals, and yep, these lead to the rental agencies that want to charge a fee for a list.

 
 
 
Comment by phony scandals
2014-03-02 13:47:17

+12

 
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