March 31, 2009

S&A would like to congratulate Greg Swann's Phoenix Arizona - the worst housing market in the nation, down ANOTHER 35% in today's Case-Shiller

How 'bout them 21 reasons! Year round golf! Oh, crap, you mean home prices have fallen 50%?

Moral of the story - NEVER, EVER listen to a realtor on commission.





Home Prices, by Metro Area

Metro Area January 2009 Change from December Year-over-year change
Atlanta 109.44 -3.20% -14.30%
Boston 150.73 -1.50% -7.30%
Charlotte 120.91 -1.20% -8.20%
Chicago 130.8 -4.60% -16.40%
Cleveland 102.89 -2.20% -5.20%
Dallas 112.75 -2.40% -4.90%
Denver 122.33 -2.70% -5.10%
Detroit 77.56 -4.20% -22.60%
Las Vegas 125.64 -4.40% -32.50%
Los Angeles 166.54 -2.80% -25.80%
Miami 159.04 -3.60% -29.40%
Minneapolis 120.18 -4.70% -20.40%
New York 181.28 -1.20% -9.60%
Phoenix 117.11 -5.50% -35.00%
Portland 153.8 -3.00% -14.00%
San Diego 148.25 -2.60% -24.90%
San Francisco 124.33 -4.40% -32.40%
Seattle 154.37 -3.60% -15.00%
Tampa 149.21 -4.40% -23.30%
Washington 171.97 -2.00% -19.30%

18 comments:

Anonymous said...

Very publicly very foolish he was!

Swann Dive said...

Keith, the guy knows no shame.

I'll bet he probably even LIKES you posting his half baked, disastrous commentary... any publicity is good publicity, right?

I wonder how he's staying in business nowadays... betcha he jumps 30 feet to to beat a seller over the head to lower prices/take low ball offers based on the same data you posted. High tails it to the check cashing joint after.

Anonymous said...

Magnum Force.

Think about it.

Anonymous said...

When do the FB's go looking for the Swanns, Degroots and Adkins that sent them to the poor house?

Are vengeance and Revenge Dead too?

America: Bankrupt Turd World Nation of Cowards and Fanny-Pack Mall-Rat Pussies.

P.S. *Enjoy your new camping experience in Tent City. Bring a long extension cord for the flat-screen Assholes. Also enjoy shitting in a ditch. The Vietnamese have been doing it for generations. Breaking News on the Hummer Division due out later today!

DIE U PIGS

jogleaso said...

What is interesting to me is that people are actually losing their own money the last couple of years. Prior to that, it was no money down. I would think the people that purchased the last couple of years are going to be much more angry.

Anonymous said...

http://www.nbcwashington.com/news/local/Nation_Running_Out_of_Money_Lets_Make_More.html

debt junkie said...

This is an extremely good read. I think we're really screwed. Get ready.

http://tinyurl.com/dbfcfs

Anonymous said...

The people in the Twin Shities deserve this x 10. Arrogant greedy lazy and socialist, just like clownifornia their market is the farthest down the tiolet. (Just like Bukko) Hmmmmm socialist= greedy, lazy, corrupt, Hmmmmmmmmmm?

keith said...

I think what most people don't understand is that these home price crashes are the best things that could happen for those cities and for America.

The crash was never going to end until the home prices came back down. All the way down. To their historical averages, and to where the P/E made sense again.

We're almost there, if we're not there already.

High home prices that made no sense and had no rational or economic basis was the bad news. The TERRIBLE news.

Low home prices, where families can easily afford a monthly payment, where rental income is greater than carrying cost, now THAT is great news.

I feel that victory is ours. Even though the rubble from the war is horrific.

And I hope young kids feel they can buy a home, raise a family, and never worry about housing again.

Unfortunately, now that the jobs have gone away, that's a bit of a problem.

But three cheers for these new 2000 - 2003 home prices. Back to where we started, before Greg Swann and his REIC conmen and sea of Casey Serin fraudsters gamed the system.

Anonymous said...

"And I hope young kids feel they can buy a home, raise a family, and never worry about housing again."

You're kidding, right? With the current crop of thumbsucking entitlement-mentality youth, I don't see it. Like their Boomer parents, they never "feel" anything but negativity.

However, if you rephrase the question, I do think that young kids will "think" they can buy a home, raise a family, etc. etc. They just will never feel good about it because the Joneses are always one step ahead.

vanilla ice said...

"We're almost there, if we're not there already."

$500,000 for a crummy one bedroom in Manhattan?!

New York City prices are still out of the world insane. I predict them falling 50% from their peaks. It was just as bad as Pheonix in NYC and NYC suburbs. People are out of their minds when it comes to RE here.

It's just getting started!

vanilla ice said...

The real estate geniuses continue to prove how much more enlightened they are compared to the rest of us:

"Bloomberg: Boston's Hancock Tower Sells at Half Price to Normandy, Five Mile Capital"

Come on RE people? Where are you? I haven't seen you on this blog or HP in so long. You said we were all dead wrong, insane. What do you have to say for yourselves?

MC Hammer said...

The housing market sucks.

casey said...

We will be doing this again in another 7-10 years.

There were lots of people who made a shitload of money in the boom.In any boom you have winners and losers.The losers are the idiots getting forclosed on because they overbought.The winners have hundreds of thousands in the banks picking up homes for 50 grand.They are going to sell to another round of losers in the next boom.Buy low and sell high.Can we complicate this anymore.The losers are also selling their stocks right now to the smart money who sold at dow 14000

So which one are you????

Anonymous said...

There were lots of people who made a shitload of money in the boom.In any boom you have winners and losers.The losers are the idiots getting forclosed on because they overbought.The winners have hundreds of thousands in the banks picking up homes for 50 grand.They are going to sell to another round of losers in the next boom.Buy low and sell high.Can we complicate this anymore.The losers are also selling their stocks right now to the smart money who sold at dow 14000

So which one are you????



Oyyy, we are in deep shit. More housing porn. What makes you think your money will have any intrinsic value left after this massssssive boom. The damage is to great, the fixes are to damaging.

Anonymous said...

Merced, CA down 50% in one year.

50%.

Anonymous said...

keith said...

The crash was never going to end until the home prices came back down. All the way down. To their historical averages, and to where the P/E made sense again.

We're almost there, if we're not there already.


Pardon me Keith, maybe AZ is almost there. But I live in an area where they want 1.2 mil for a house, but will take $2,000/mo. rent. No kidding, they advertise in the local paper in that price range virtually every week. I can't believe those stupid 6%'ers run those 2 numbers together in the same ad. Guess they figure the folks reading them are as brain dead as they are.

I sure do wish the crash would hit the NYC area hard like in AZ. Prices in solid neighborhoods may be down 10%, not even close to the p/e. With the financial sector bonus 'secured', I guess they'll stay high for a while.

Nimesh said...

Keith, you still keep believing that in some areas of the country, the P/E ration now makes sense to buy. I disagree with you.

The real estate boom surprised the hell out of so many of us. I mean crazy prices for houses. Now the same will be for the bust. All such boom and bust cycles over-correct themselves. We saw the boom get out of hand. Now we will see the bust get out of hand too.

For example, I had a co-worker buy an English Tudor house for 399K. During the peak of the bubble that home sold for 815K. Great bargain right? WRONG! Now, that house is worth 270K and there are several of them for sale and no one wants to buy it so it may eventually sell for 230K to 250K.

We are now in the third inning of this deflationary depression. It is just getting started.