The Housing Bubble Blog

The Sydney Morning Herald reports from Australia. "A three bedroomhouse in St Clair sold for just $260,000 at the weekend, down about 42 per cent from its last sale at $450,000 in 2003 in a further sign of the depressed state of the Sydney property market." "Only one person bid on the house in the...

Several readers posted comments about a topic on the real estate industry. "Desperate times call for desperate measures. As the reality of the bubble popping seeps into the RE sector, desperation may result in some blatent illegalities. A SoCal RE eCONomist openly called for collusion amongst...

A housing report from Maine Today. "The number of single-family homes for sale in Maine has hit record levels, industry figures show. More than 26,000 homes currently are on the market, compared to roughly 18,000 at this time last year, and 14,000 in 2004. Inventory has grown by more than 1,000 in...

What do you see in your housing market? Price Reduced? Builder incentives? Nervous flippers? Here are some accounts from around the US. From New Jersey, "For the first time in a decade, home prices in the region that includes the Shore have declined. Asbury Park residents Peter and Lauren Morris...

The Orlando Sentinel reports on the condo craze. "The unprecedented boom in condominium towers is remaking downtown Orlando's skyline. But with fewer than half of the 30 announced projects completed or under construction, the timing, even the survival, of the rest is now in question because of...

Please post off-topic ideas, links and Craigslist finds here!

Some reports from the Arizona Republic. "Although there is a record number of homes on the market in the Southeast Valley, including about 4,000 in Chandler, realtors say the city is well positioned to hold its housing values. But while the city's housing market has a lot going for it, it's still a...

The Washington Post has this report on exotic loans. "Despite regulators' warnings that some popular types of mortgages are risky, lenders are still making them, and mortgage insurance companies have begun pleading with federal banking agencies to act quickly to restrict them. The loans under...

Dozens of readers spoke up on the topic of what the real estate downturn means to the economy. "Northwest Airlines passes out tips for living on a tighter budget including dumpster diving and never shopping while hungry. A sign of things to come?" "Although I’m a big proponent of making hard...

The Fresno Bee has this update from California. "For-sale signs litter the landscape, but sellers are still reluctant to lower their prices to better compete, real estate agents say. Prices of existing houses are falling a minimum of 1% to 2% per month, much to the consternation of homeowners, and...

The Herald Tribune reports from Florida. "Some home builders in this region "have not had any sales this year" and are working off unfinished backlogs to survive, said John King, president of the Homebuilders Association of Sarasota County. King said he is starting to see signs that 'things are...

It's Friday desk clearing time for this blogger. From Florida, "The number single-family home sales in Escambia and Santa Rosa counties dropped significantly from June to July, while median sales prices have dipped just slightly. 'I'm noting more price reductions,' said veteran Pensacola realtor...

The Press Democrat reports from California. "Sonoma County home prices fell in July for the first time in more than four years, the latest sign that the once-booming housing market continues to slow. July's median resale price was $595,000, down 3.3 percent from the same month a year ago, when the...

Some reports from the northwestern US. "If you’re seeing more ‘FOR SALE’ signs around town, don’t panic, say local realtors: The housing market is working just fine. 'Right now our housing prices are relatively flat,' explained Jim Wilcox in The Dalles. 'There’s been quite a few price reductions on...

The Reno Gazette Journal has this update from Nevada. "The amount of sales and the median price of an existing single-family home in Reno continue to fall. The median price in July for the Reno metropolitan area fell 5 percent compared with the same month in 2005, according to the University of...

Some housing bubble reports from the Washington, DC region. "The market for McMansions has dried up almost overnight in Hampton Roads. At one point last week, nearly a hundred homes priced from $500,000 to $700,000 vied for buyers around Nimmo Church in Virginia Beach. It could be a long wait; only...

The Long Island Business News has this update from New York. "On May 10, a Long Beach beachside colonial went on the market for a hair under $800,000. Two months later, the asking price dropped to $749,999. Last week, agent Renee Weinberg chopped another 55 grand off the four-bedroom home." "'A...

Please post off-topic ideas, links and Craigslist finds here!

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The California press reacts to the latest housing numbers. "Homes sales in the Bay Area fell to their lowest level in a decade last month. Bay Area home sales fell more than 30 percent compared to a year ago, and the median price was up only 3.5 percent from a year ago and were down from a record...