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The Housing Bubble 2.0 Is Strong With These 5 Cities
It would appear that the 'gambler's in these 5 cities were not told that the government would be shutting down, that confidence would drop, that affordability would plummet... instead they were told that nothing has changed and 29% YoY home price gains are for buying not selling..
Year-over-Year Home Price Gains...
Though it does seem that some of the 'froth' is starting to fade in the Detroit metropolis... (though over 16% gains).
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Is it really fair to have Detroit on there? I mean, where else can one buy a home for $1,000? And if it goes up to $1,160 that's a 16% gain, but I'd hardly call it a bubble. Unless I'm totally wrong about house prices in Detroit - which it's possible that I am.
I'm with you, Detroit, has gone down so low, that, even a small price increase is big in percentage terms.
I tell my GF we should buy a damaged mansion on the detroit river.
a 100 dollar house in detroit is now worth over a 120 dollars!
pop open the chanpagne bitchez
Three out of five are in CA and when the two-headed dolphins start to appear and glowing in the dark, then what? (Foreign laundered money)
Las Vegas and Detroit as others pointed out were hit so hard, there is only one direction prices can go. (For how long? That is another question)
REALTURDS are happy. Sell me more mister or bluehair bitch
California knows how to flaunt it. I suppose controlling the better portion of US GDP helps, but how much are those villas going to be worth when they're underwater?
are you insinuating there is dirty money funneling into california from them land of the rising sun? i like your style
more like, from the land of the choking dragon buy yeah, my son's school in O.C. is overrun with 'em
even more arrogant than the home grown bitches of the O.C.
("we are from CHINA! we are "taking over the world™" etc...and I just think "everything you make breaks within seconds and you are the plantation State of the world. How many lives did you diminish to get your fly O.C. pad?")
No you're not wrong:
http://detroit.curbed.com/archives/2013/07/touring-detroits-crazy-10k-or-less-real-estate-market.php
Another Detroit puzzle, for those who may have missed it.
http://mfi-miami.com/2013/10/something-is-not-right-with-this-6-million-bid-to-buy-the-world-largest-industrial-ruin/
It is going to be used as a set for post-apocalyptic films.
It's the location for the Zombie Theme Park, coming soon!
quite common in city development. I happen to live in a small apt building that is "owned by a doctor" , yet my checks are to madison ave in newyork
quite common in city development. I happen to live in a small apt building that is "owned by a doctor" , yet my checks are to madison ave in newyork
future scientologist campus?
It's actually just a function of thousands of the most worthless homes being demolished that is driving the median value up. Not even a fake recovery happening in Detroit.
100% A YEAR in NYC - no ones talking about the GIANT bubble in New York Penthouses even guys like Bill Ackman are in on the action
http://www.nycpenthouses.com/ritz-battery-park-city-manhattan-penthouse-...
The government shut down and I missed it? Damn! What happened? Did the country fall apart? Was there pandemonium everywhere? I hate when I miss all the fun.
Well, I heard all the roads vanished for a while and then reappeared when the gov reopened.
And armed vigilantes suddenly appeared, blocking off access to public spaces.
Weird.
I believe those are called our 'noble public servants'.
the government's not been working for years
as S&P shoots higher
So for me to have maximised my investment is housing i would have had to purschase a home in the city that just filed the largest banko in history...Make sense.
Real State is the most manipulated market there has ever been
I live between LA and San Diego. I can attest to this nonsense.
At least that is a desirable place to live. Who the fuck wants to live in the middle of a hot dry desert, or a ghetto warzone?
I agree. San Diego has gone insane. People running around with picks and shovels everywhere. Some one actually asked why I am not in RE because the prices are going up fast and I am missing an incredible opportunity to make a quick buck. I told them I don't need the money. I scored so heavily in Beanie Babies I'm set for life.
Miffed;-)
Detroit? We're going to have to burn that village to save it. I'm not entirely kidding - given their reductions in fire service, if/when the EBTs go down, isn't a massive fire an obvious risk?
Also {off topic} posters here commonly assume two things which are rather difficult to assume given all available facts.
One is the constant cries that the Fed is messing up or otherwise a bunch of blithering idiots. They are doing precisely what they intend to do - the effects of money printing in a nation which can't export manufacturing or import cheap labor fast enough is not rocket surgery. It is about transferring wealth to the top banks. Period. Why isn't this obvious?
Evil, not stupid in other words. And it's no acciddent that the heads of the fed, treasury, fdic, trade rep, cbo, cftc, irs, for that matter fcc and fda, and on and on and on are all members of the same 2%. Not that even ZH could publish a story on same - I understand.
The other is that the NSA is spying on everyone for either American national security or the 'New World Order' or whatever. At this point, it is literally nothing more than an Israeli intelligence operation meant to get general intel, but, one tends to suspect, any and all information regarding our government and military and Iran or Syria etc.
http://original.antiwar.com/justin/2013/10/27/israel-and-the-nsa-partner...
The whole fucking thing needs to be torn down, but it will not be.
Any more generals get fired today?
I wouldn't be making bets about it not getting torn down, just slower than we thought.
Hell night is approaching so they may yet burn Detroit to the ground.
Localized dead cat bouncing bubbles thanks in large part to foreign speculators, money laundering, and the National Association of Realtors with their permabull cheerleading efforts.
I love LA!
a 16% gain on a $1000 house in Detroit is $160
MOAR BULLSHAT SHILLER
imagine that my 2014 healthcare premiums went up 16% as well...
Seriously, a couple months ago I was on a bus in Nanchang China and a guy came up to me and wanted to practice his English on a foreigner. Within two minutes he was asking me what I thought about buying a house for $500 in Detroit. I asked him if he wanted to live there and if he had ever actually fired a handgun.
What good is a handgun against a ganbanger armed with an AK47?
Can we get a more comprehensive chart with data for more cities anywhere please? im curious what the Florida numbers look like because I'm in Tampa and would definitely say Tampa, JVille, and Miami areas are bubbling bigtime too.
Is it Blackrock or Blackstone or something like that...well they got a couple billion from the Fed I guess and have been buying up Florida houses all over like crazy. that must constitute an artificial bubble.
with all of those Fukushima radiation reports we get from GWashington here - why in the livin' zombie hell would folk be rushing to buy in California? San Diego? LA? San Fran? oh well. if they die young they miss social security and medicare; if they overpay on CA real estate, more taxes for the beast. win/win for da House.
Oh yeah. It's off the hook here in LA. Plenty of CL ads or RE flippers, etc. Woo hoo!
One of the hedgies put a home on the market for $519,000 three months ago, they recently lowered the price to $479,000. Based on their acquistion cost and [minimum/minimal] cost to make the residence habitable (?) - it looks like they're going to lose money.
I'm sure they'll make up for it in volume.
My grandma died a lil while ago, we just listed her Van Nuys CA home (Los Angles) we got an all cash offer for $565,000 within 1 mo of listing.
CA loves entitlements, wireless and illegals, the fasting growing segments of the economy. Land is limited so housing prices increase.
Bubble?! You ain't seen nothin' yet. Wait 'til Yellen expands QE as part of her Negative Interest Rate Policy.
I'm also skeptical of the purported rebound in Detroit. Seems like a technical quirk in the stats not a market upturn. We are after all talking about a market where land is so worthless it actualy has negative value. A decent brick house that would add at least $80k of value to land plots in nearby suburbs comes free with Detroit land.