The Housing Bubble Blog

A mid-week reminder to take some housing bubble photos and email to: photos@thehousingbubbleblog.com May as well make this post a Wednsday bits bucket for off topic items and Craigslist finds, as well!

A pair of reports on the condo market. "Turning apartments into buyable condos was supposed to be one of the biggest trends in San Luis Obispo’s red-hot housing market, but so far this year only 16 apartment units are up for the change. The trend seemed unstoppable last year, when apartment owners...

The Sacramento Bee reports on the rent 'standoff.' "Bring on the moving vans. Renters rule the market, at least for now. By most accounts, capital-area renters are only months away from the ascending prices. 'You haven't had the strong rent growth yet. It is coming,' said Greg Willett, as apartment...

Some housing bubble news from Wall Street. "Stocks plunged after Federal Reserve Chairman Ben Bernanke vowed to combat the recent 'unwelcome' pickup in inflation, even as he told an international bankers' conference that an economic slowdown 'seems now to be underway.' 'He came right out and said...

A pair of reports on the housing slowdown. "Buying a house in New Jersey this spring? You've got a lot more choices than buyers have had in recent years, according to a new report from an appraiser who tracks the housing market." "The inventory of unsold homes was up 71 percent in April compared...

The NAR is calling for the Fed to hold rates steady. "The National Association of Realtors on Tuesday lowered its forecast for U.S. home sales in 2006 and called on the Federal Reserve to stop raising interest rates because parts of the housing market are 'vulnerable.'" "'Experiencing a slowing...

The LA Times reports on the latest Las Vegas condo cancellation. "Some of the newest high-profile luxury condominium projects in Sin City have been folding like a house of cards. The latest to throw in his hand was actor George Clooney, who announced an agreement with his partners Monday to sell...

Inman News reports that the slower housing market is a 'boon' for some buyers. "Growth in home prices slowed across the country in the first quarter of 2006, Freddie Mac announced today. And pending real estate sales fell nationally for the third consecutive month in April. While these reports and...

The Union Tribune has a look at rent costs in San Diego. "The cost of renting a place to live in San Diego County has increased by nearly 10 percent over the past year, according to a report to be released today by the San Diego County Apartment Association. The poll differed sharply from recent...

The Fed chairman shook up the markets today. "Although the anticipated slowdown in growth is underway, financial markets shouldn't question the inflation-fighting credentials of the Federal Reserve Bank, Chairman Ben Bernanke said Monday. 'There is a strong consensus' among FOMC members to keep...

Some housing bubble news from Wall Street to Washington. "Technical Olympic USA Inc., a homebuilder operating in 10 states, on Monday said it expects combined sales orders in the second quarter to decline sharply on lower demand, higher cancellations and competitive pressure. The company forecast...

The Tracy Press reports on a return to the old days in California. "To woo an ever-dwindling number of well-heeled buyers to developments like Mossdale Landing in Lathrop, builders of new homes are offering incentives such as swimming pools or $20,000 in free upgrades." "In the Bay Area, some...

A pair of reports on Donald Trump from Florida. "Donald Trump's handyman special is No. 1 on Forbes magazine's list of "Most Expensive Homes in the U.S. 2006. Trump paid $41 million at a bankruptcy auction for the 18-bedroom French Regency-style mansion, now in the final stages of renovation. Its...

An editorial from Las Vegas on housing costs. "We find that the residential market has been turned upside down. Once scarcity was the watchword; now we have a glut of properties, and the beginning of the employment sector's softening. Everyone is talking about unemployed real estate agents,...

One reader wants to hear what you see in the for-sale classifieds. "How about some funny/illiterate descriptions written of houses for sale?" "I read this week that a house in my area is 'the very personification of everything we love about the Northwest.'" "Imagine that!"

This United Features Syndicate article has the latest twist on interest only loans. "A relatively benign form of interest-only mortgage is gaining popularity as the loan of choice among buyers who have affordability issues. The newer type comes with fixed rates that can never change. Borrowers pay...

One reader wants to hear your vote for the housing bubble 'ground zero.' "Which city/region has bragging rights to being the ground central of the bubble? I claim Sacramento, CA." "And this juicy tid-bit as anectodal evidence: just down the street from me there are actually 7 houses in a cul-de-sac...

Some housing bubble reports from the Fresno Bee. "Fresno's soaring housing prices, which outpaced the rest of the nation over the last five years, are floating back to Earth. The number of homes for sale in Fresno and Clovis has more than tripled since May 2005 and the number of transactions is...

Post any off-topic links, ideas or Craigslist finds here! This thread will be forwarded throughout the weekend.

A pair of reports on the Arizona housing bubble. "Here's a sure sign that too many high-end condominiums are going up in metropolitan Phoenix: Units at two pricey new developments are being auctioned off, and the minimum bids are half of what the homes originally cost." "Four condos in the Optima...