The Housing Bubble Blog

A pair of reports on the California housing bubble. Fresno Bee, "Jeff Davi displayed a cartoon of two men overlooking a sea of people. 'Is this a rock concert?' one man asks. 'Nah,' replies the other. 'It's the swearing-in ceremony for new real estate agents.'" "One of the greatest real estate...

A homebuilder had some new out after the bell. "Hovnanian Enterprises, Inc. announced today it now expects its 2006 second quarter earnings to be in the range of $1.40 to $1.50 per fully diluted common share, compared with the Company's previous guidance of $1.55 to $1.80." "In addition, Hovnanian...

Inman News reports on Virginia home sales. "Home sales in Virginia dropped for the seventh consecutive month in March, while home-price growth returned to a more normal pace, according to the Virginia Association of Realtors." "Closed sales totaled 10,088 in March, down 12 percent from 11,464 sales...

Some housing bubble news from homebuilders and Washington. St. Louis, "Developer Michael Lawless is selling residential building sites, ground held for future development, the Valley Park office building where his company is based and his $2.9 million home in an effort to raise money to pay off...

The Boston Globe has this update. "After five red-hot years, home sales have cooled north of Boston and across the state. Gone are the days of multiple bids, price run-ups, and fast sales. Falling prices, rising inventory, and longer selling periods are now the norm, industry watchers say. 'We're...

A pair of reports on the Florida housing bubble. "More proof of the South Florida housing slowdown: roughly a quarter of the 379 condominiums at The Moorings in Lantana are for sale. A real estate agent with a listing there says many of the sellers are investors looking to bail. Analyst Jack McCabe...

A pair of reports on condos. "Home prices in much of the Washington region will likely drop 10 percent or more because prices have far outpaced affordability for first-time buyers and investors, according to a forecast this week by Mark Zandi, chief economist of Moody's Economy.com." "Condominiums...

One reader wants to know if you've taken some personal flak for your housing bubble views. "How could I forget the most personal issue probably facing many on this blog? What’s it like being a Housing Bubble Leper?' Even now with all the evidence on the streets!!" "My personal example is with my...

An Arizona Republic editorial on the Phoenix housing bubble. "Speculators supposedly have fled metropolitan Phoenix's housing market, so it's no surprise that home sales have dropped as that demand has dried up." "What is surprising is that home sales and building are down more than the rate at...

What's happening in your housing market this weekend? Lots of open houses, probably. Here was one readers' request. "I want to know how everyones local markets are. I’m outside of Philly (West Chester) and the market is at a standstill with sellers refusing to lower prices just yet and the houses...

One reader wants to compare the current US housing bubble with Japan's. "I don’t know if you’ve ever discussed this but I’m interested in hearing about the differences & similarities between the U.S. today and the peak and decline of Japan’s real estate." From the Times Online. "After a decade and...

Please post off topic links, insights and Craigslist finds here. This thread will be forwarded through the weekend and is not intended to discourage off topic posts elsewhere.

The Palm Beach Post has this on pre-construction condos. "Did you buy a condo pre-construction? Remember these words: Buyer beware. Some buyers moving into two new condos in downtown West Palm Beach say things are oh-so different from what they expected. Others are exasperated by what they say is...

The New York Times has this on public awareness. "A pyramid scheme is a foolproof way to make money, until it isn't. What is the breaking point? Probably about the time some spoilsport whispers 'pyramid scheme,' and there's a mad dash for the exits." "Echoes of housing prices? Not exactly. Still,...

Several readers suggested . "Which area gets hurt least and why? Upper NYS because there’s no place to fall from the bottom? Boulder? The New Urbans like Austin? Ultra high end places like Aspen because nobody would notice a million off the top? Charlotte, Memphis types because of energy concerns?"...

The Online Ledger has this update on Florida. "Homes aren't selling like they used to back in the good ol' days of mid-2005. But make no mistake, Polk County's housing bubble isn't bursting, it's just losing a little air. And that can mean more competitive pricing to attract buyers." "'Most of last...

Several readers are interested in what makes a 'buyers market.' "Can we have a thread on what a 'buyer’s market' really is. There seems to be a misconception going around that a 'buyer’s market' is when the price only goes up 5%, or maybe even if the price is flat." "I don’t agree. A 'buyer’s...

The LA Times reports on the condo bust in Las Vegas. "In the last several months, at least seven marquee Las Vegas condo projects have either been canceled or put on hold, causing a dust storm of rumors to swirl through the city and elsewhere as investors wonder if this is a harbinger of a...

Let's clean up the loose ends and start the weekend. "Former Starwood Hotels & Resorts Worldwide chief Barry Sternlicht he looked at one hotel recently in Aruba (that) would produce a return of just 5.5%. 'I would pay $100 million less for it,' Sternlicht said. The situation has all the hallmarks...

The Arizona Republic reports on the housing bubble in the Phoenix area. "In metropolitan Phoenix, demand for new homes is expected to continue to slow from last year's record pace as builders sell through 'spec' or speculative-home inventories caused by buyers backing out of deals. Builders have...