The Home Blog

Pity The Poor Home Lender Worker

The Orlando Sentinel reports on how the housing bubble burst has affected related industries.

Linda Rovetto is a property-title agent in west Orlando hasn’t taken a salary since the summer. She’s working fewer hours because there’s simply less business to handle. "We used to do anywhere from 13 to 20 [closings] a month," said Rovetto, who owns Florida Lakes Title & Closing in MetroWest. "In September, I did two."

"I sit here and I play solitaire" on the office computer, she said. "Even the junk work that everyone hates to do is done."

Cancellations have doubled or even tripled during the slump, Rovetto said. Some people change their minds about refinancing property; others can’t get approval for a mortgage.

More evidence why you should always save for a rainy day or have a counter economy business plan ready to go. You'd think re-financing would be hotter than it is with the interest rate dropping.

Housing Bubble's slow leak continues

There is an interesting story in today's Orlando Sentinel. It contributes further evidence to the slow leak that has developed in the housing market bubble in central Florida. Good news for buyers. Good news for the economy too if the housing market fall is managed rather than just plunges off the cliff.

I'm definately hoping that the leak speeds up just a bit. I think we'll see some of the unprecedented growth of the last few years rolled back to more reasonable levels. 10-15% growth instead of the 90% growth we've seen. That means a price reduction of 20-30% overall. Buyers in the market today should consider waiting a few more months while the correction continues.

Housing Bubble Humor

It can be difficult to get through the housing market when your life's savings is tied up in your whatever your next decision might be. That's why this next story is so funny - the Mr. Housing Bubble T-Shirt.

The parody of the decades-old Mr. Bubble bath foam package offers a "Free Balloon Mortgage Inside." But the smiling pink house-shaped bubble also warns: "If I pop, you're screwed." (A picture of the T-shirt is featured to the right.) A disclaimer at the bottom reads, "Not affiliated with Mr. Internet Bubble."

I gotta get me one of those.

It's Over. The Housing Bubble is deflating

So says the NY Times, at least. Obviously your milage may vary depending on what part of the country you're in. However, the market is swiftly swinging back to a buyers market and those artificially high prices are dropping all around us. Some of the homes we've been tracking have come down 5-10%. I, personally, am holding out for a 25-35% drop. Those 90% gains that were experienced last year were just too good to be true.

This news sucks if you're the cat holding the bag. But for Americans who are looking to own a home with a mortgage payment that won't cost more than they could get to rent the same place, it's a good thing.

And there was much rejoicing.

[ttags:home, housing, housingbubble, housing+bubble, real+estate, realestate, realty, forsale, economy, trend]

Housing Bubble: Biggest Ponzi Scheme Ever?

Is the Housing Market for real or is it just a large conspiracy designed to defraud investors and separate the average American from their hard earned savings? I guess that depends on who is left holding the bag at the end of this giant game of hot potato.

Actually, it's more like a giant Ponzi scheme as Tim points out over on his descriptively titled blog The Mess That Greenspan Made.

So, instead of there being no real business to generate profits in a true Ponzi scheme, it is a question of how "unnatural" the rapid rise in home prices is today.

Read his post and consider where you fit in this game of investor led fraud.

[Technorati Tags: home, house, housing, market, housing+market, housing+bubble, bubble, real+estate, realestate, greenspan]

Refinance Your Home? Is it time again?

With the Housing Market leveling off and mortgage rates still at incredibly low levels is now the time to get in one last refinance on your mortgage? It might be according to this article. The Fed looks like it will continue to raise short-term interest rates and banks won't be able to hold down the cost of a mortgage for much longer. So if you're looking to get some equity out of the recent price inflation or just want to lower those monthly payments one more time. It's time to act.

Also, just found 'The Boy in the Big Housing Bubble' another great blog keeping a weary eye out for the dreaded Bubble Pop!