Monday, November 27, 2006

We're Now #5 in Foreclosure Rate (#2 in Total)

From RealtyTrac (a foreclosure information tracking service) and Money/CNN, the new numbers are out.

For October, 2006:

  • We're now #5 in the country, with one foreclosure for every 640 households.

  • We're #2 in total foreclosures, with 11,413 filed last month.

  • Our total is now 49.6% ahead of this time last year, which (interestingly enough) puts us at mid-pack in relation to % increases in other states.

Full Article with All States Ranked


lizziebeth said...

At a local Pizza joint in Bradenton, my family and I saw a group of men having some pizza and beer. They looked pretty glum. My husband and I guessed they must be in the construction business. They were so down in the dumps. I felt sorry for them. Turns out they are in the mortgage business. When the owner came out to say hi, he asked them how business was. One guy said, it stinks, another asked the owner if he had some property he wanted to refinance. Kind of hard to believe there are still those that think things will get better when all the northerners move down after a cold winter. Yeah right!

CRAZY G said...

When I moved to Florida 25 years ago, I came up with a saying;

>>>""EVERYTHING IN FLORIDA, RUSTS, ROTS, OR CORRODES...and that includes the people"""<<<<<

The housing bubble is not going to burst....IT GOING TO CORRODE!!!

It's going to eat away at you insecessantly for the next 5 years or more...Till you don't even want to think about real estate, or living in Florida anymore....

I had Thanksgiving with my brother-in-law, [now a former mortgage broker], mostly recently from N.C.
He's living with my other sister-in-law, cuz he hasn't had a job, or a pay check for 4-6 mos....He's broke....55 years old, and broke, cuz he put all his savings into the business that went BUST!!!
He personally signed notes for the business, and doesn't know how he's going to pay for them???


Besides feeling BAD for them, and giving them some money....what the heck can I do????
Giving them more money is not going to solve his problem...He needs a job!! He's lost his self esteem [says my wife]...
He needs to get a job at Wal-Mart or something!!!

sandi said...


Crazy - I am loving your quote and your "heart-warming" Thanksgiving tale.

So much greed, so much b.s., and now it's time to pay up.

CRAZY G said...

Yes it TRUE!!!

My Brother-in-law "WAS" one of those "SUB-PRIME" mortgage brokers...

2 years ago, at Thanksgiving, he went into great detail, about how hard he worked to get people into houses, they could ill afford....
The carrot for him was the money...on sub-prime [depending on the lender] there could be upto a 3.5% bonus commission...Yes, it's all spelled out in the papers, and nothing that he did was illegal, that I know of!!!!
eg.] He'd work to get the loan approved, and then before closing, they'd go out and buy a new car...
[0% interest for 5 yrs or something].. you remember???
Totally screw up the report!!!!
He'd say...I told you NOT to do that...They did!!!!

The wife, and I discussed this at great length....and said he's making a big mistake....but how do you tell a 53 yr. old man, how to run his life????

>>> NOW << he suffering, and in all probablity, so are many of his past clients!!!!

CRAZY G. said...

Here's the BIG PICTURE and how it's going to go DOWN....
[only I can't tell you WHEN]..

At some point, the economy is going to slow down....and the FDI [Foreign Direct Investment] will be directly diminished....causing the dollar to that juncture, bond holders, will be feeling severe pain [lose] in their holdings....and will sell bonds....Interest rates will spike up to double digit...and the ""FULL EFFECT" of a housing crash will they ensue!!!!

Until we get interest rates of 10% or more, the real estate market is just going to rust/corrode....

gordo said...

I agree with Crazy. The bubble is a credit bubble, not a real estate bubble. As long as there is easy cheap money available ot there; the economy can keep finding a way to refi itself and put off the inevitable. But sooner or later..the piper must be paid. Gordo

AnalysisGuy said...

I just released my report on Orange County
Daily Home Price Analysis

CRAZY G said...

The battle ship U.S.S. Florida, is in a fight for her life!!!!

She's taken numerous hits to the bow, to the stern, ...

Yet she floats, crippled as she is, relentless, in denial of her infliction!!!!

What will it take to bring her down????


She will secum, to the onslaught of the nemises of real estate!!!!

She will sink into the sea of DEBT!!!!

CRAZY G said...


>>> BUT << who cares about Orange County """CALIFORNIA"""

We have got enough problems right here in Orange County ""FLORIDA"" that don't anywhere compare with CA.
We've got SOH, Property Insurance [hurricane], and gross over building.....

The SOS is out for Florida!!!!

She's going DOWN!!!!

super supper said...

G! I was thinking the same thing: our Orange County can get just as miserable as their Orange County. (and both have Mickey Mouse!)

CRAZY G said...


We don't manufacture anything anymore, of any consequence...We create wealth, by bidding up somebody elses real estate...

""LAND" isn't worth the price of dirt...PERIOD..

Ask any native American what land is worth????

Drive to So. Dakota, and see miles of dirt worth NOTHING...

Realtors will tell you it's, LOCATION, LOCATION, LOCATION...that sells.....

WELL!!! On top of Location, Location, Location, .....You can put DEBT, DEBT, form an equation

At some point, the Debt equation, is going to overide the Location multiplyer, and it will implode....

115% financing is the implosion factor.....

Price location, can escalate to extreme] Japan!!!
Commerical real estate in Tokyo has dropped >>> 99% <<<..."""AND IT'S STILL ONE OF THE MOST EXPENSIVE CITIES IN THE WORLD"""

DEBT on Real Estate, can NOT escalate to infinity

Were there!!

>>>""" BREAK POINT """<<<<

CRAZY G said...

The existing homes sales are out for Volusia county [along with rest of the state]..

Things 'picked-up' ever so slightly, with 262 [oct] existing home sales vs. 258 [sept]..
294 for August, and 310 from July...
Which gives substance to the corrosion theory...

Realtors gotta be dying on the vine..rotting is more like it!!!

Anonymous said...

Bail ship Bail Ship!

It's sinking...

Anonymous said...

Why does everyone bash SOH? As a born and bred Floridian I think it is a great idea. Why should I be penalized because some idiot is bidding up the homes in my neighborhood to unrealistic prices. I love watching this collapse/meltdown take place. It warms my heart to see all of these wannabe nouveau riche Hummer driving white trash come to the realization that they aren't as wealthy as they thought they were. And in another few years when the last speculator goes BK I will be there to purchase their property for 20-30 cents on the dollar. For you fisherman out there think of the speculator as that big tarpon that put up a good fight for an hour or two and just when he reaches the gunwale to be released a big hammerhead (me) comes by and eats him for lunch, lol.

Andrew said...

I think that the SOH had good intentions but unfortunately it has backfired for a lot of folks. What will you do if you have to move and purchase another property? I read the SOH may change so you will keep your low taxes on your next property but If that doesn't happen you are certainly not benefiting from SOH's at all. In fact it seems to me this tax law has make you a prisoner in your own home. What about the senior citizen that wishes to purchase a small condo to get out of yard work etc. now faced with a hefty tax bill?

Sure it was negative for flippers that are left sitting on unsold properties but for the NON flipper, the ones that actually wish to live in their homes and raise families is unfair for them.


CRAZY G said...

skb reply:

So where were you in 1992 when EVERBODY voted on and passed the SOH!!!!


Tough &hit, if their stuck their retirement dream.....

>>>>""" THEY HAVE A CHOICE ""<<<

|||| "" BEFORE THEY DIDN'T """<<<



lizziebeth said...

When we purchased a home in 1995 and when me moved up to a larger home in 1999, SOH wasn't a problem. The problem with the SOH is the flippin Flippers who drove the cost of real estate up! As real estate values decline in Florida, the SOH won't be an issue anymore(except the idiots that bought 2003-2006)! Heck, if we didn't have to move out of state in 2000, we'd still be in our old home and loving the SOH!!!!! I am not willing to pay three times more in taxes as my neighbor and I'm certainly not willing to pay three times more for the same house! I do hope that they will allow people to take their Homestead exemption if they move! Especially for the elderly that can't afford to downsize!

AnalysisGuy said...

Today’s report on Sacramento has been released!
Daily Home Price Analysis

CRAZY G said...

>>>"""CAUSE & EFFECT""<<<<

The effect is that Floridians are experiencing some severe problems with their housing.....Prices, TAXES, etc, etc....

"""THE CAUSE""", Which everybody seems to overlook, is the Federal Reserve printing to much 'fiat' currency....
We had this 'exact' same problem back in the late '70's....
Fed. Reserve Chairman Volcher, stopped printing money, and raised interest rate to double digit....


Do Americans [Floridians] have the stomach for another such epistode????

I doubt it!!!!

"BUT" in a short period of time, it's going to happen anyway...

"""THE MARKET"" will do what Bernacke won't do!!!!

CRAZY G said...


In Palm Beach County, the median price home dropped to $365K, down from $416K, a yr. ago.....

The $365K median home price, compares with the $60K median family income.....

Let's see here once....that's times " 6 ".....

Most banks, will only give you times " 3 "....[60K x 3 = $180K]



>>>""" LOOKS LIKE 50% TO ME ""<<<<

CRAZY G said...

Crazy says: You ain't going to believe what I tell you, NOW...""BUT""

When the economy slows down....."EVERYBODY" is going to be thinking that interest rates are going to go ""DOWN""



What do you think happened during the GREAT DEPRESSION????
Bernanke says; he wouldn't allow that to happen again....


The dollar is going DOWN, and interest rates are going ""UP""

sandi said...

I am right there with you - we're renting a house and (via our landlords who live a few neighborhoods away) are paying nearly double the property taxes of everyone else on our street.

Now how is that fair?

CRAZY G said...

Sandi reply:

Sandi, your obviously a "HAVE NOT", cuz you don't hear the "HAVE'S" complaining about their taxes....

Nobody said this was going to be easy....

I'm renting also....and my land lord is complaining to me about his taxes....+$6000/yr.....I'm paying $1250/mo...he's got a $200K mortgage besides....

He was asking $300K, but nothing, [I mean NOTHING] has sold in here in 6 mos. or more...

Townhouse on the other end, has been empty/for sale for nearly 1 yr..NOW at $240K...""NOTHING"", which less than my guy paid.....
2 in the middle have been for sale by the developer for for over 1 yr...."NOTHING""..[@ $280K]

"INFLATION", is wiping out the lower/middle class....

I'm not smart enough to know what's going to happen when....BUT, WHEN, IS GOING TO HAPPEN!!!!

We're looking to move out of Florida....maybe Georgia, or summer we'll be looking around up there...

No future here!!! after 25 yrs..

CRAZY G. said...

Some UNBELIEVEABLE reports coming out: >>> IS THIS REALLY ""TRUE"" ????<<<

|||| “Only Fort Myers-Cape Coral took a bigger fall, posting a 44 percent decline in median sales price, from $445,100 to $249,200, the Florida Association of Realtors reported on Tuesday.”||||

||| “‘We now have to come back to reality,’ she said. ‘I am explaining to my sellers in Myakka that the bubble has busted. They’re not going to get $350,000-$400,000 for a 10-acre parcel like they used to. They’ll get $200,000.’”|||||

Is this the first 'real' indicator that the bubble has really burst????

Buying at 50% off may NOT cover you after all!!!

Anonymous said...

After reading your website, I get kinda down.

Im in Miami, 23, Married, renting (very cheaply)currently with parents and have no debt at all, with a bit of savings. My wife is a Registered nurse, and I am working on my PHD to become a professor. I simply cant fathom how we would ever be able to live in Miami. I do not want to move away because of family and connections I have here.

Do you think I will ever be able to afford a home? If so, when? It seems so unrealistic. My wife and I would have to be making 100k each to keep up without being entrenched in debt. We are first time buyers, we dont have equity or any property to back us up on a purchase. It seems so unfair.

I have lived in Miami, in the same house, all my life. Am i going to be forced out of the state?

CRAZY G said...

ANON; reply

From what you say, it seems you ARE on the right course, for sure!!!!

"""STAY OUT OF DEBT" till your ready to buy..

Save the difference of what it would cost for a house and your rent....

Don't come out of school with 10's of thousands of dollars of DEBT

Yes!! It sure seems depressing for sure!!!!

But, your living in Miami, where there was the greatest previous real estate bubble in US history....Go to your library, and check the history books from 1925-28...Some houses over in Miami Beach, sold for $4.5 MILLION even then......""THEN" it went BUST.....

Right "NOW", CRAZY would estimate there are over ||| 1 MILLION |||| houses sitting empty.....""PERIOD""


ECONOMICS 101...Demand & supply....
dictate that prices are going down....BIG TIME!!!!

As ole Ben Franklin is noted as saying;

"""Better to go to bed suppless, than wake up in debt"""

CRAZY G said...

Hah!!! The politicans are meeting in January to solve the insurance crises that THEY created, with advent of Citizens Insurance...."BUT""
[and read what they guy from the insurance industry says:]HHAAAAA!!!!
Bob Hartwig, an economist with the Insurance Information Institute, an industry-funded group, said;

>>>>"""''In reality, short of towing Florida to the North Atlantic Ocean, there is nothing that can change the path of higher losses from hurricanes,''""<<<

Crazy thinks, the politican should just pass a law, and seceed from the Union of the US, and petition for a confederation from Canada ...They don't have many hurricanes up there!!!!
The Canadian Snow-birds would certainly like would seem just like HOME!!!!

CRAZY G said...

Research from Bearing Asset Management says;......

Subprime lending has driven the latest stage of the credit bubble, which puts it on very shaky ground indeed. “32.6% of new mortgages and home-equity loans in 2005 were interest only, up from 0.6% in 2000; 43% of first-time home buyers in 2005 put no money down; 15.2% of 2005 buyers owe at least 10% more than their home is worth (negative equity); 10% of all home owners with mortgages have no equity in their homes (zero equity); $2.7 trillion dollars in loans will adjust to higher rates in 2006 and 2007.

Crazy thinks that HOPE is on the way....""FIRST"" we have to clean out all the pockets of the stupid 'investors' [aka flippers], then we have to get rid of the "stupid" buyers with '0' down...
Next we have to get rid of the 'interest only' group...
Roll them all up into "ONE" big foreclosure... & Auction them all off......TO PEOPLE WHO HAVE SAVED THEIR MONEY, AND NOT PRETENDED TO BE RICH, BY BORROWING SOMEBODY ELSES!!!


CRAZY G said...

|||"" THIS ""||| is the BEST description ""EVER"" by Nigel Maund:

"For the majority of home owners, they are now "lobster potted" for the rest of their lives in the 21st Century's version of the Victorian treadmill. Welcome to modern debt controlled serfdom, where if you lose your job, either through retrenchment or illness, you lose your home. It has become a veritable "Sword of Damocles", or a stick with which to beat recalcitrant labor into a bloody pulp, should they ever prove restless or disobedient""....


++++++""I LOVE IT"""+++++ HHHEEEE!!

We got them, right where they want us!!! HHUUUHH!!!!

CRAZY G said...


You take all these 'stupid' greedy buyers, who bought themselves into the "LOBSTER POT"...buying with zero down, interest only only loans...
>>>CRANK UP THE HEAT, on interest rates, and watch them squirm!!!!<<<<

Which comes first....TURNING RED.....OR SEEING THEM ""pop""

I'm a renter, with a pocket full of cash, and I'm going to get me one of them there McMansions....
For the price of Big Mac...
They'll be beggin me to buy it from them!!!!

Missie said...

Crazy, if it gets too bad, you might get one from the Dollar Menu!


super supper said...

I plan on buying my next house at Dollar Tree.

To the anon poster regarding purchasing in Miami: Your plight is the EXACT same as all of us here. We all want to own, and we all see something that the rest of the "sheep-le" in this state don't (actually, it's more like that we smell somthing rotten).

Simply put: Home prices in Florida are completely out of whack with reality. Median incomes can not support these prices, and we're (finally!) seeing the market respond accordingly.

We are like the "Island of Misfit Toys" to the REIC (real estate industrial complex - composed of builders, realt-whores, mortgage brokers, appraisors, etc...). They have made a lot of "free money" off the brainless general public in the past 3 years, and they don't like us (and anyone in the media who reports on the bubble) for pointing out the truth.

Some of us believe we are in for a rapid decline, others of us believe we're in for a long, slow decline. In either case, expect prices to drop - by a lot.

That's my story and I'm stickin' to it.

CRAZY G said...

In the future, buying a house will be easy....Just open up a catalog from some Chinese home builder, pick out a plan of theirs, that suits your needs, and they build you a "MODULAR UNIT", packed & crated in one of those cargo-containers...

Shipped to your [future] front door, then you can hire some Mexican laborers, who know how to work, to assemble it for you....

Since the US, no longer has anymore money to pay anybody anything, you can ship the Chinese manufacturer his cargo-container back loaded with 'rice'...and feed the Mexicans enchildas while assembling your new house....

When your done getting the house ready, you can kill the neighbors cat, and BarBee Q it on an open fire....

And then you can live happily ever after in your "PARADISE FOUND IN FLORIDA""

missie said...

Ok crazy g...

I just about fell off my chair laughing at your post! I LOVE IT!

You make the Market's Down Hill Ride a bit more humorous to me!
And I am not being sarcastic!!

Oh, darn I forgot what link I was going to post!!! Hahahahaha

Man, When I had the concrete business, I should have paid all my guys in enchiladas!
Well, I did go buy them KFC, they really loved the Mac & Cheese from there!

zippo said...

Shipping them back filled with rice?....!

That is funny!

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