Now its the sellers fault
to their credit at least people are starting to get the fact. That the SWFL RE Market has a problem--------------------------------------------------------------------------------------
http://www.news-press.com/apps/pbcs.dll/article?AID=/20070726/RE/707260346/1076/HOMESCAPE99 Agents: Sellers should budge
Home sales slump continues as buyers wait for better deal
By Tim Engstrom
tengstrom@news-press.com Originally posted on July 26, 2007
ALSO FROM NEWS-PRESS.COM
Search: Recently sold homes
Growth slowly making way to Hendry County
Sales of existing single-family homes in Lee County are down 37 percent for the first six months of 2007 compared to the same period a year ago.
But buyers are shopping and even more homes would move if sellers would get more realistic with their prices, agents say.
bitter truth is most cant budge due to leverage--------------------------------------------------------------------------------------
Is anyone else tired of having the "flippers", Sellers and everyone else ( but the RE Industry and County)blamed for this market. In half of 2004 and all of 2005/ Investors were on outside looking in.
It was the pre-con and second home market which ruined this market, thats what the numbers from the foreclosure list point out.
Both types are driven by agents, mortgage brokers, builders and realtors. I forgot Poe from the TeleTubbies! People from Ga or PA. Did not wake up and say."Lets build a house in the Cape and Make 50,000 for doing nothin!" Someone marketed that concept to them
Based upon the fact I can spill coffee on myself and sue for a million. The above excuse should not be surprising, A bit troubling though
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from Sarasota
http://www.heraldtribune.com/article/20070726/REALESTATE/707260573 In area home sales, signs of hope
By STEPHEN FRATER and MICHAEL POLLICK
stephen.frater@heraldtribune.com michael.pollick@heraldtribune.com In another sign that the Sarasota-Bradenton housing market is recovering faster than most parts of Florida, June home sales climbed 5 percent from the same month last year.
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I think this is the DEAD CAT BOUNCE or B in the Elliot wave terminolgy
That is the beginning of a bottom
many will be lulled with the flury of activity to watch it dip down again
Not to mention a storm is building on wall street
Had it not been for the bull run of late. We would really be in trouble------------------------------------------------------------------------------------
http://www.bloomberg.com/apps/news?pid=20670001&refer=home&sid=axKl6VX_lcco Goldman, JPMorgan Saddled With Debt They Can't Sell (Update2)
By Caroline Salas and Miles Weiss
JPMorgan logo July 17 (Bloomberg) -- Goldman Sachs Group Inc., JPMorgan Chase & Co. and the rest of Wall Street are stuck with at least $11 billion of loans and bonds they can't readily sell.
The banks have had to dig into their own pockets to finance parts of at least five leveraged buyouts over the past month because of the worst bear market in high-yield debt in more than two years, data compiled by Bloomberg show.
http://quote.bloomberg.com/apps/news?pid=20670001&refer=&sid=a4qa.rYTWyYA Miami Condo Glut Pushes Florida's Economy to Brink of Recession
By Bob Ivry
Construction cranes dot the skyline of Miami July 20 (Bloomberg) -- In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building.
The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October, said Mark Zandi, chief economist at West Chester, Pennsylvania-based Moody's Economy.com, who owns a home in Vero Beach, Florida
http://www.nytimes.com/2007/07/17/business/17place.html?ei=5089&en=d17857571f4bc10d&ex=1342324800&partner=rssyahoo&emc=rss&pagewanted=print Market Place
A Company's Stock Suffers, but Mostly in Silence
By FLOYD NORRIS and VIKAS BAJAJ
By its own measures, everything looks good at ACA Capital Holdings, a financial management and insurance company. But other numbers do not look so good, and the stock price is falling rapidly. The company will not comment on what is going on.
In New York Stock Exchange trading yesterday, ACA shares fell 22 percent, dropping $1.87, to $6.59, on the heaviest volume in the company's brief history. The shares have lost a third of their value since Thursday, and are trading at less than half of their value a month ago.
ACA has written billions of dollars worth of insurance on the value of financial assets, and it manages collateralized debt obligations, or C.D.O.'s - investment vehicles that invest in bonds backed by risky mortgages and other debt - on billions more. Some of the C.D.O.'s it manages for others were mentioned by bond rating agencies last week as candidates for downgrading.
http://www.marketwatch.com/news/story/bear-credit-hedge-funds-almost/story.aspx?guid=%7b4465B0D7-F76F-4735-BE8A-FC6038AFA93C%7d&print=true&dist=printTop Bear credit hedge funds almost wiped out: sources
Leveraged fund worth nothing; larger fund reportedly loses 91% of its value
By Alistair Barr, MarketWatch
Last Update: 7:13 PM ET Jul 17, 2007
SAN FRANCISCO (MarketWatch) -- A Bear Stearns Cos. hedge fund that made leveraged bets in the subprime mortgage market is worth nearly nothing, according to two people briefed by the investment bank.
Investors have been waiting for Bear (BSCThe Bear Stearns Companies Inc
News , chart , profile , more
Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
BSC ) to update them on the High-Grade Structured Credit Enhanced Leveraged Fund and a larger, less leveraged fund called the High-Grade Structured Credit Fund.
The Wall Street Journal reported on Tuesday that the larger High-Grade Structured Credit Fund is worth roughly 9% of its value at the end of April.
http://money.cnn.com/2007/07/24/real_estate/housing_countrywide.reut/index.htm No housing recovery til 2009: Countrywide
CEO of No. 1 mortgage lender has a 'gut feeling' industry sluggishness will last through 2008.
July 24 2007: 2:00 PM EDT
NEW YORK (Reuters) -- Countrywide Financial Corp. Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices and the excesses of recent lax lending standards in much of the mortgage industry.
"It just takes a long time to turn a battleship around," Mozilo said on a conference call discussing quarterly results for Countrywide, the largest U.S. mortgage lender. "This is a huge battleship, and we're headed in the wrong direction."
I understand why, no one, has any idea as to whats going on
My Idea is I need another cup of coffee
Move over Paige there is a new cut and paste sherriff in town
_________________
Jeff Tumbarello
H. G. Wells - "Human history becomes more and more a race between education and catastrophe."
