Big O, don't do it...

[ChargerMike]

...the shower-rod won't hold you


In Cape Coral-Ft. Myers, Fla., which has the third highest rate of foreclosure filings in the nation, prices fell a devastating 50.8% for the year, to $110,900 from $225,300. That was the most precipitous plunge for any metro area.

[Derron]

Nothing unethical or illegal going on in that area....

What as happened to personal and professional integrity ?

[smackaholic]

I remember wolfie saying his casa was appraised at something around 400K a year or 2 back. I'm guessing it's back under 200 where it belongs now.

How'd you like to be the poor fukk that got into that market about 2 years ago.

[Screw_Michigan]

What as happened to personal and professional integrity ?

Went right out the fucking window when your heros in the Bush administration took over.

Sin,

Politicized Justice Dept. hirings

[H4ever]

...the shower-rod won't hold you


In Cape Coral-Ft. Myers, Fla., which has the third highest rate of foreclosure filings in the nation, prices fell a devastating 50.8% for the year, to $110,900 from $225,300. That was the most precipitous plunge for any metro area.

I think it's funny as hell. My ex told me her mother lived in a 2 million dollar house (Fremont, CA...Bay Area...up in the hills) I thought goddamn! Must be extraordinary. We flew out there and I was disappointed. You could buy a house here twice the size for 500k...new construction. I mean, the place was very nice and in a great neighborhood but I suppose I envisioned something more for 2 million.

I can't believe the money people pay to sit in traffic and live stacked on top of one another and suck bad air all their lives. I suppose its ALL that stuff to do. Fuck that.....I'll fly in....and back out when I feel the need do any of ALL that stuff to do.

[Wolfman]

Hey CM--not to worry-- our new President was here and he's fixed everything !
Joking aside, my situation is still in good shape. First of all, my shower is a walk-in with a door--no shower rod or cheapo curtain. MrsO. also has her nice soaking bath in our Master Bath area. Secondly and more important-- although some areas near me like a lot of Cape Coral and Lehigh Acres have been clobbered due to over-building, speculation, and bad loans-- the area where I live, Whiskey Creek, is a stable and desireable location.
Some $$ figures I got off the Lee County Property web site:
The "Market Assessed Value" of my house when I purchased it in 2001 was $124,160-- the land alone was $44,550. I purchased the place for $190,500.
The bubble peaked in 2007: market value was up to $307,120--land at $147,000. For 2008-- the market value is $250,710 and land at $96,950. Some houses in Whiskey Creek are still for sale--several have been sold in the past year.
My next move is in a pine box, but I'm sure MrsO. could easily get $300K for the place after I'm gone, so there is still good equity here. What kills is the value of my stocks-- i.e. GE and Bank of America --yes BOA.
The old REO tune "Riding the Storm Out" comes to mind.

[RumpleForeskin]

Mrs. Rumps and I bought our house five years ago today. Her OM brokered the deal and swept his commission back into our closing costs. The value has gone up every year since we purchased, but I suspect it will level out and perhaps decline a bit over the next two or three years.

As for all of our friends who bought homes around the same time we did, well they are not looking so good. They were given a rediculous loan approval and they took the maximum from the lenders. They all built or moved into homes that were $250 - $350k range. Those are the homes that are being foreclosed on and are flooding the market down here. Now, our friends are trying to hold on with what they have and some would like to move into a smaller house, but they won't be able to sell their current home for at least a year. On top of that, they won't make a profit.

Mrs. Rumps and I were approved for those same loans but we were more interested in location than a huge fucking house with a huge fucking mortgage. We're sitting pretty fucking good at this point.

I just accepted a new job offer that pays much more than what I make now which is nice. Every extra dime that we make is going into savings and equity into the home. I figure the market will have an upswing four or five years from now and that will be the time to sell.

[indyfrisco]

How'd you like to be the poor fukk that got into that market about 2 years ago.

My in-laws got a condo in Bonita Bay just outside of Ft. Meyers about a year and a half ago for about $700k. I'm pretty sure it is still worth a helluva lot more than $350k. No matter, it's a condo everyone in the family uses and we will plan to use for years and years so it really doesn't matter. Plus it is paid off.

[Mikey]

I bought my house in northern San Diego County in 1999 for $149K. Two years ago it was worth $1.329 million. Seems like a big jump I know, but I did put in new floors and window treatments. Should have sold it then but I didn't want to move. Now it's down to $539,406, so at least I'm still right side up.

[Left Seater]

Mrs. Rumps and I bought our house five years ago today. Her OM brokered the deal and swept his commission back into our closing costs. The value has gone up every year since we purchased, but I suspect it will level out and perhaps decline a bit over the next two or three years.

As for all of our friends who bought homes around the same time we did, well they are not looking so good. They were given a rediculous loan approval and they took the maximum from the lenders. They all built or moved into homes that were $250 - $350k range. Those are the homes that are being foreclosed on and are flooding the market down here. Now, our friends are trying to hold on with what they have and some would like to move into a smaller house, but they won't be able to sell their current home for at least a year. On top of that, they won't make a profit.

Rumps,

Glad to see we didn't move to the North Side. My wife and I are in one of those homes in the range you talk about and it has gone up every year also and I don't see any leveling out and certainly no decline. Ft Bend County continues to be a great market because it wasn't over valued. Plus, I don't see a 3K - 4K square foot house down here in the range you mentioned as at all over valued. Move the same house to Cali or the East coast and it would be going for $1.75 million. That is overvalued.

My 'hood, Greatwood, has a huge shortage of homes. Don't see any of the houses you describe as being foreclosed on and flooding the market. It is in fact the homes in the $75K to $150K that aren't moving since they are older and in less desireable 'hoods at the extreme edge of the Houston city limits.

Sounds like you need to move down here to Ft Bend County.


Mikey,

Plenty of people that live in my area that moved from Cali who cashed out when their homes peaked at that type of price. They then purchased homes here three or four times larger than their Cali house for cash and still had money left over. Amazing how those who purchased from them are totally screwed right now.

[Tom In VA]

Purchased a townhouse in 2005 for 346,000. In 2006 it was assessed at 390, 000. The ARM I was in penalized me if I refinanced within two years. By 2007 the market slide hit and didn't have enough equity or money to put down.

"Comps" in my area are running about 200,000 right about now. Is there such a thing as "negative equity" or is it simply just referred to as "fucked". :D

Anybody have a snickers ? Cause I'm not going anywhere for awhile.

[Mikey]

Mikey,

Plenty of people that live in my area that moved from Cali who cashed out when their homes peaked at that type of price. They then purchased homes here three or four times larger than their Cali house for cash and still had money left over. Amazing how those who purchased from them are totally screwed right now.

Out here the rule of thumb is that the value should double every two years. If that doesn't happen we're fucked because we count on being able to re-fi every two years and use the equity to finance our California lifestyle. Otherwise we woudn't be able to afford my Porsche and the wife's beemer, eat $100 dinners at Spago every Friday night, or send our kids to boarding school in Vermont.

Not sure what I'm going to do when my next schduled re-fi comes up.

[Left Seater]

^^^^^^^^^^

I laughed.

[RumpleForeskin]

My 'hood, Greatwood, has a huge shortage of homes. Don't see any of the houses you describe as being foreclosed on and flooding the market. It is in fact the homes in the $75K to $150K that aren't moving since they are older and in less desireable 'hoods at the extreme edge of the Houston city limits.

Sounds like you need to move down here to Ft Bend County.

What they did here, LS, is overdeveloped. The population was growing at a rediculous rate, but the builders and lenders still managed to develop faster than the growth. Don't get me wrong, the area is still growing at a high rate as a 5th high school is being opened this fall. That is three new high schools in 4 years. Pretty remarkable, however, the development was fast and furious. And now these builders are throttling back big time, but it's too late.

We'll see what happens.

[Cuda]

Mikey,

Plenty of people that live in my area that moved from Cali who cashed out when their homes peaked at that type of price. They then purchased homes here three or four times larger than their Cali house for cash and still had money left over. Amazing how those who purchased from them are totally screwed right now.

Out here the rule of thumb is that the value should double every two years. If that doesn't happen we're fucked because we count on being able to re-fi every two years and use the equity to finance our California lifestyle. Otherwise we woudn't be able to afford my Porsche and the wife's beemer, eat $100 dinners at Spago every Friday night, or send our kids to boarding school in Vermont.

Not sure what I'm going to do when my next schduled re-fi comes up.

So... it's all YOUR fucking fault.

[Mikey]

Bush MADE me do it.

[smackaholic]

mikey's actually not far off with that statement.

the absolutely stupid house prices were only possible with the fed saying "interest? wtf is interest?" here, we'll let you borrow money at .000000000029 APR.

Salaries may have risen during that period, but they sure as hell didn't rise enough to allow millions of people to carry 700K mortgages at a sensible rate.

So now, rather than actually let the market do what it does well, determine a real market value, we have GW light (or is it dark) saying don't worry about it, here's a trillion or 2 to take care of it.

[PSUFAN]

My next move is in a pine box

Sissyroux, ready the spray paint canisters.