OT- House/condo flippers finally getting hammered

Dawoofdaddy · Oct 26, 2006

Bombs away for the dreamers that were late-comers into the bubble.

www.usatoday.com/money/economy/housing/2006-10-25-home-price-usat_x.htm

Probably one more desperation dead-cat bounce rally and then the shit is going to hit the fan.

Fishhead, hopefully you are still holding out before buying that condo in Florida. Should be a real blood bath there in next few years.

:hidding:

Fishhead · Oct 26, 2006

DAWOOFDADDY said:
Bombs away for the dreamers that were late-comers into the bubble.

www.usatoday.com/money/economy/housing/2006-10-25-home-price-usat_x.htm

Probably one more desperation dead-cat bounce rally and then the shit is going to hit the fan.

Fishhead, hopefully you are still holding out before buying that condo in Florida. Should be a real blood bath there in next few years.

:hidding:

Thanks in part to you and other financial sharps on this site.

:toast:

Dawoofdaddy · Oct 26, 2006

www.iamfacingforeclosure.com

Will be thousands of similar sites when prices reach the next bottom.

Dont be fooled by next rally, as expecting one last rally before the crash happens.

:suomi:

Fishhead · Oct 26, 2006

CAPE CORAL, FLORIDA expecting close to a 19% percent drop in pricing in the near shortterm ....tops in the country according to link provided.

HOUSING had gone through the roof there in 2001-2004........a decline was expected.

SSI · Oct 26, 2006

going to be a great time to get into the rental business.......

hawkeye171 · Oct 26, 2006

According to the latest numbers, while the sales of existing homes in the Tampa Bay area dropped a whopping 42% in September, the average price still INCREASED 6%. That's still not a bad investment, if you can afford it.

quantumleap · Oct 26, 2006

New Home Prices Fall by the Largest Amount in More Than 35 Years

http://biz.yahoo.com/ap/061026/economy.html?.v=15

WASHINGTON (AP) -- The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.
The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.

Wynn · Oct 26, 2006

Just wait until the Fed decides that another round of interest rate increases are needed to hedge against an overheated economy.

Higher mortgage rates should trigger the next sharp price decline.

5teamparlay · Oct 26, 2006

Yes HAWK i have been in my house for 2 1/2 years. Even with all the decreases, I could fire sale it and still come out up 66% in our area. Insurance and TAXES are big issues here, I considered a bigegr house on more land but those OTHER expenses have kept me where I am at.

INTEREST RATES, maintenance fees, INSURANCE, and real estate agent fees are major expenses involved even when flipping. So be very careful out there.

aceduecetrey · Oct 26, 2006

Fishhead said:
CAPE CORAL, FLORIDA expecting close to a 19% percent drop in pricing in the near shortterm ....tops in the country according to link provided.

HOUSING had gone through the roof there in 2001-2004........a decline was expected.

This is a dream time to be a mortgage broker down here though........

Just as many, if not more people still moving here and no the Refi's are flooding in.

I have closed 7 new home purchase in Cape Coral in the last 2 weeks and comps are still 30% higher than the purchase prices right now.

The market here has definitly hit its bottom and is turning upward again.

SSI · Oct 26, 2006

its going to be a huge Buyers market....... im looking to pick up some rental property soon.. wait until those floating rates catch up to the masses......

5teamparlay · Oct 26, 2006

Yes, ADT got an appraisal on my line of credit (6 months ago) for 100% more than I paid for my place.

SSI, the rental market is also getting a bit flooded here as well with sellers stuck not being able to sell, may be better up north.

Closing fees are a bit out of hand in FLA as well.

G.MONEY · Oct 26, 2006

I think it all depends on were you live....Were Iam a Burb outside Chicago, they can not build them fast enough. Will it slow sum yes, but the market is still there for Higher end homes...Just my opinion

aceduecetrey · Oct 26, 2006

5teamparlay said:
Yes, ADT got an appraisal on my line of credit (6 months ago) for 100% more than I paid for my place.

SSI, the rental market is also getting a bit flooded here as well with sellers stuck not being able to sell, may be better up north.

Closing fees are a bit out of hand in FLA as well.

5team- btw, when your insurance is up, lmk and I will give you my friends number and you can see if he can get you a better deal (he is in new tampa and works for horace mann) or he can send you someplace that can. I had my homeowners and flood with him and my renewal came in at almost 6k and he refered me someplace else and saved me over 2k. JD from the ballerz league last year, he and I are best friends/ business partners.

Dawoofdaddy · Oct 26, 2006

ADT,

What % of your closings the past 12 months have been using adjustable rate mortgages?

aceduecetrey · Oct 26, 2006

DAWOOFDADDY said:
ADT,

What % of your closings the past 12 months have been using adjustable rate mortgages?

I do a very high percentage of my business with builders who specialize in first time home buyers, so of that business, I would say 95% of it is in 2/28 or 2/38 or 2/48, but other than that I would say around 80% is in ARMS

TTinCO · Oct 26, 2006

kwalder said:
Just wait until the Fed decides that another round of interest rate increases are needed to hedge against an overheated economy.

Higher mortgage rates should trigger the next sharp price decline.

I think that run is already done & over with. I'd be surprised to see them jack the rates up any more than they have.

D2bets · Oct 26, 2006

G. MONEY said:
I think it all depends on were you live....Were Iam a Burb outside Chicago, they can not build them fast enough. Will it slow sum yes, but the market is still there for Higher end homes...Just my opinion

Whih burb or which area?

Holysmoke+ · Oct 26, 2006

Fishhead said:
CAPE CORAL, FLORIDA expecting close to a 19% percent drop in pricing in the near shortterm ....tops in the country according to link provided.

HOUSING had gone through the roof there in 2001-2004........a decline was expected.

19% drop from 300% gain is still ok with me. I live in cape coral and invested in 4 homes in cape coral.

I made several hundred thousand here and just dumb luck no skill of course by me.

My homes went up 3 times what I contracted for them in 03. Sold them in 05 and paid long term gain tax that was very minimal. I built 3 homes with pool and my home has no pool cuz I have lil kids

joeyfitzclick · Oct 26, 2006

2002 $10m in sales
2003 $10.5
2004 $11m
2005 $8.5m
2006 $2.75m

I went from selling 35-40 houses a year to about 12.

:nopityA: :nopityA: :nopityA:

OT- House/condo flippers finally getting hammered

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