tag:blogger.com,1999:blog-63179975878649634292012-01-30T23:38:10.516-05:00Charlottesville Bubble BlogA Charlottesville/Albemarle Area RE Blog tracking the market's decline since May 2008 as it makes its way slowly to its price bottom in 2015. The second half of 2010 saw a steep downward spiral in sales; 2011 sees sales volume at a 13 yr low on prices that get lower each Quarter. 2015 may be the price bottom...barring some Black Swan event or more Gov't intervention. The word "Recovery" does not apply.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.comBlogger9171100tag:blogger.com,1999:blog-6317997587864963429.post-69478141728602559752012-01-31T03:33:00.002-05:002012-01-30T23:38:10.526-05:00Giant Gov't Mortgage Entity Freddie Mac "Bets" Against HomeowersDisturbing details in long ProPublica article here.
Podcast here.
Outraged congressman calls for end to the shenanigans.Since 2008 Freddie Mac and sister Fannie Mae have come to own or back a huge number of American mortgages. Their mandate: to help make US housing more affordable. Freddie Mac, along with Fannie Mae, was placed in government conservatorship in 2008 after losing billions of C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-51739752210157960332012-01-30T16:44:00.000-05:002012-01-30T20:37:10.782-05:00"Why the Housing Market Has Much Further to Fall"C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-6566183029027856282012-01-27T14:22:00.009-05:002012-01-30T20:31:47.763-05:00Graphs: 1999 v 2011 for Charlottesville Area Home Sales - 1999 WinsThough thousands of new homes were built in the past decade/half and the area has a growing population, home sales remained anemic in 2011 with lower prices and lower sales than 2010, which was a hot mess when the Fed tax cred expired.
Sales were comparatively buoyant 13 years ago, even with the 30 yr fixed mortgage averaged around 7.5% in 1999. 2011 opened at 4.8% and closed at 3.8%.
Graph C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-68273533183090037922012-01-26T07:20:00.000-05:002012-01-25T16:08:12.983-05:00The Top 10: Virginia Ranks #7 of States With Highest Mortgage Debt in the USAAnd with high mortgage debt comes high negative equity: Virginia is #8 of states where mortgage holders owe more than the house is currently worth, approaching a whopping 30% underwater. The Charlottesville Area, with sales at an anemic 13 year low, has a housing market slowed by those in negative equity but simultaneously impacted much more by those mortgage holders with effective negative C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-20661170544087066572012-01-25T09:18:00.000-05:002012-01-25T09:18:59.450-05:00SOTU: President Obama Proposes Low Rate ReFi For All Mortgage DebtorsPresident Obama claims that this would save the average mortgage debtor $3,000 per year. The big banks have been bailed out, so why not put more cash into the pockets of those who are renting money from them? Though few details of the plan are available, many economists and housing analysts have created possible scenarios, described in the embedded article below. The POTUS was expected to, but C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-22010985994863787872012-01-25T03:33:00.008-05:002012-01-25T03:33:00.715-05:00The Landmark Hotel's Creditors, Owed $17 Million, Get to Vote on New Developer's Offer of $2.8 Million to Buy Failed Hotel Out of BankruptcyWith a deal that gives new meaning to the term "pennies on the dollar," what are the odds that the Landmark Hotel is going to come to fruition? There's something of a hotel-building boomlet coming in Charlottesville, but this blog remains dubious that the eyesore that is The Landmark will be part of it. Photo by Dave McNair/The Hook.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-34660226852627265622012-01-23T15:33:00.001-05:002012-01-24T21:27:33.766-05:00The "New Normal" in 2012: Renting Doesn't Mean "Throwing Money Away" and Buying a House Isn't an "Investment"The US Homeownership rate continues to drop. It used to be that typically, housing appreciated at the rate of inflation, 2% per year, plus an additional 1-2% per year. Not so post-bubble. Locally and nationally, home price declines are expected to continue for the next couple years; C'ville Area's home sales are at a 13-year low. Nationwide, more and more folks are coming to the conclusion C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-42489320105777176432012-01-17T09:38:00.005-05:002012-01-17T22:04:56.263-05:00Recapping the CAAR 2011 Year-End Report: Home Sales Remain 50% Below Peak - Prices Continue to Drop - Distressed Sales Rise to 1 in 5 Transactions - Recovery Not Yet BegunThe CAAR's 2011 Year-End Report contains a plethora of numbers, data, graphs for the City of Charlottesville and surrounding counties. You may access the whole thing here. But below are the major take-aways.
The report concludes that this Area Remains a Buyer's Market. No kidding. The value of any property is only what a buyer is willing to pay. And there remain fewer buyers here than everC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-40223691609091878202011-12-30T03:33:00.005-05:002011-12-30T10:30:18.855-05:00Real Estate Recap - The Top Stories of 2011 In Charlottesville, VirginiaThe following is a list of highlights/lowlights of real estate in the Charlottesville Area during 2011; many of the stories will continue on through 2012 or 2013. This list is not ranked in order of importance; rather, it has a certain logic to it, and unfolds accordingly. The Kluge and Trump stories appear near the end of the list because they've been extensively covered in local media.
1. C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-65704291047157935052011-12-29T16:55:00.000-05:002011-12-29T18:14:48.155-05:00Chart: A History of Home Values - UpdatedThe chart below is by Yale Economist Robert Shiller of the eponymous monthly Case-Shiller Home Price Index (most recent--yikes). We last posted it in August, 2010. Now it appears in The Atlantic Monthly in an article about Americans' savings strategies. The article points out that by historical standards 1) houses still remain overvalued; and 2) homes are no longer a way to "force savings" asC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-26367541596045639742011-12-27T15:33:00.004-05:002011-12-29T18:11:26.783-05:00Three Realtors and A Bubble Blog - Part 4: Where's the Bottom in the Charlottesville Area Housing Market? What Impact Do External Factors Have on Home Sales and Prices?This is the last in a four-part series.
Part 1: Who, What, WhyPart 2: Should A Seller Try to "Wait Out" the Market?
Part 3: On the VHDA Forecast, Unemployment, and Mortgage Rates Podcast: Where is "Recovery" in the Charlottesville Area Market?
Related: After this series began, the National Association of Realtors disclosed that they'd inflated home sales by 6.5 million units between 2006-2010.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-80806711973538811102011-12-23T10:10:00.009-05:002011-12-23T13:57:44.255-05:00So The NAR Inflated Sales Numbers From 2007-2010. What Does This Mean For the Charlottesville Area Housing Market?The National Association of Realtors, whose primary purpose is to boost the profits of its members, has announced it misled home buyers, sellers, Congress, and the Mainstream Media about how deep the housing bust has been. From 2007-2010, the NAR overestimated sales by 6.5 Million, at a rate of 14.3%.
And here's the kicker: the NAR's new numbers still aren't accurate. The NAR still isn't C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-23939751899010674822011-12-21T10:30:00.000-05:002011-12-21T10:30:54.552-05:00The National Association of Realtors: The Housing Bust Was 14.3% Worse Than What We Told Buyers, Sellers, Congress, and the Media From 2007-2010Annually adjusted data, from 2007 through 2010:
2007 lowered 11% to 5.04 million
2008 lowered 16% to 4.11 million
2009 lowered 16% to 4.34 million
2010 lowered 15% to 4.19 million
The NAR -- a salesmans' trade organization that masquerades as a consumer advocate and a reputable source of economic data -- released their long-awaited revised numbers today for existing home sales. The latest C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-221144150050411922011-12-20T05:55:00.001-05:002011-12-19T23:53:09.438-05:00Charlottesville City Manager Maurice Jones Would Be A Candidate For Short Sale or Strategic Default - If He Were a "Private Citizen"The DP is reporting the ongoing housing downturn is preventing a local government official from fulfilling the terms of his contract. Home values in this area continue to drop, and 1 in 7 Virginia homeowners owes more than the house is worth; and effective negative equity is preventing sales and inhibiting "move up buyers." These problems have thrown a wrench into the moving plans of the newC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-78734566989676445572011-12-19T05:55:00.002-05:002011-12-18T22:39:05.820-05:00November 2011 in Charlottesville and Albemarle: Single Family Home Prices Slide Ever Lower, And New Townhomes Gain in PopularityYear-over-year prices continue to drop in the Charlottesville MSA, according to national data providers. When prices and sales are examined in "micro markets," the declines are steeper. The data tables below are generated by RealCentralVA using CAAR data.
City of Charlottesville: Single Family Home and Townhome Prices Plunge
Prices of sold houses declined dramatically in the City: average salesC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-37550543905145243612011-12-18T21:17:00.001-05:002011-12-18T21:17:37.601-05:00The Housing Bust Was Much Worse Than Previously Known: The NAR Inflated Home Sales From 2007-2011, And Many Americans Can't Qualify For A MortgageThe National Association of Realtors is due to drastically revise downward its home sales data this week. The NAR didn't collect actual data: they were estimating sales. And news entities all over the US, including in C'ville, faithfully reported the numbers as fact. As for locals being able to qualify for mortgages? One in five area families can't pay their bills.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-48346371175646238222011-12-13T11:11:00.003-05:002011-12-19T20:29:43.683-05:003 Realtors and A Bubble Blog, Part 3 - On the Charlottesville Area Housing Market and the VHDA Forecast, Unemployment, and Mortgage RatesThis is the third in a four-part series.
Part 1: Who, What, WhyPart 2: Should A Seller Try to "Wait Out" the Market?Podcast: Where is "Recovery" in the Charlottesville Area Market?
Since the second 3 Realtors and Bub Blog post, more info has rolled in:The Core Logic and Federal Housing Finance Administration have released more price data, showing that Charlottesville area price declines C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-70911628357156555782011-12-13T10:01:00.001-05:002011-12-13T10:02:08.721-05:00The Virginia Association of Realtors: "10 not-so-fun facts about Virginia housing"Below is the list from the VAR's recent post from the Buzz blog, which holds a plethora of detail that helps to explain why the word "recovery" is inaccurate. The VAR's post also includes a link to the pdf from Housing Virginia, which is the source of the material. Click on image for larger version in new window.
Related:
Charlottesville Area Home Prices Continue to Decline
Charlottesville C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-86065640279076958842011-12-09T10:38:00.001-05:002011-12-09T10:42:47.341-05:00Core Logic and FHFA: Charlottesville Area Home Prices Continue to Drop
There are a host of factors that will continue to put downward pressure on Charlottesville Area home prices. Two indices that track the Charlottesville Area real estate market show the data; declines have accelerated in 2011.
Core Logic's latest monthly report addresses prices in October, where the y/y decline is -5%. September's y/y decline was at 5.8%. These are closed, aggregated sales:C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-4909482236547438092011-12-07T11:27:00.001-05:002011-12-07T11:28:41.475-05:00Rio Road Is A Problem That Just Keeps GrowingRio Rd (or Park Street / Rio Road) is the route of choice to 29N from the Pantops Area, Woolen Mills, Belmont, Downtown C'ville, North Downtown, Mill Creek, Mill Creek South, Rt. 20 (thought the latter three could choose to hop on I-64 and start clogging Rt. 29 further south). But there are numerous housing developments that have been approved, and some are already in progress. Even opening C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-46767125366548549602011-12-05T05:55:00.001-05:002011-12-04T23:35:13.719-05:00BofA Analyst: 14 Million - 25% - Of Mortgages in US Will Be Foreclosed By 2013Bank of America, and other big banks, ramped up their foreclosure processing this fall after "robosigning" delays. 2013 will be the worst year on record.
Related:
Too Big To Fail Banks Got Secret Loans From Federal Reserve, Made Billions in Profits
Graphs, Data, Stats About Price Declines in the Charlottesville Area Real Estate Market
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-90213168690820915702011-12-04T09:36:00.001-05:002011-12-04T23:22:40.884-05:00The Fed Made $7.7 Trillion in Secret Loans and Banks Earned $13 Billion in Interest, While Taxpayers SufferedThis is, currently, the American Way: while Big Banks get to keep billions made off taxpayer monies, homeowners get screwed. Read about the numbers. And here's the narrative from the NYT. Home prices will continue declining as 2013 will be the worst year for foreclosures. It's patriotic to observe that the US is no longer a democracy with capitalism as prime determinant; it has devolved C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-33316022677288503942011-12-02T19:42:00.000-05:002011-12-02T19:42:35.122-05:00November 2011 Unemployment: The Truth About the NumbersThere'd be mass tapdancing in the streets and @BarackObama would be interrupting your regularly scheduled programming to hold a presser if the unemployment rate "dropping" to 8.6% actually meant that a significant number of new jobs had been created, and that the US economy was starting to "recover." Sadly, that's not what the lower rate means: it means fewer people are looking for work or C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-51117336817866160782011-12-01T11:15:00.003-05:002011-12-18T21:20:21.520-05:00December 1: Decision Day For Charlottesville Area Sellers to Pull Listings Off Market or Drop PricesSome sales listings automatically expire on December 1, so the home can be "freshly" relisted in February/March for Spring Selling Season 2012. More will disappear in the next few days. But how's the market going to be just 3 months from now, with all the pent-up demand from Sellers? So those who really want to sell will be dropping prices now before buyer confidence erodes even more on C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-33777414329191660592011-12-01T10:22:00.000-05:002011-12-01T10:22:58.882-05:00Six Central Banks Coordinate to Kick the EuroZone Can Down the RoadSix Central Banks have stepped in to print money: Ben Bernanke along with Bank of England, Bank of Japan, European Central Bank, Bank of Canada, and the Swiss National Bank will provide over-leveraged, cash-strapped banks with fake $ in order to find the Plan B C D E F that's going to work to save us all from another global recession. Better option: pray.
NYT: Banks Step in to Delay Inevitable
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-56020035727513630062011-12-01T09:33:00.000-05:002011-12-01T09:33:31.935-05:00#OccupyCville Protesters Evicted and Arrested, In A Scene That's Been Happening Across the USAOccupyCville broke camp at Charlottesville's Lee Park and 16 (18?) members were arrested in a quiet, orderly fashion early in the AM of December 1, on trespassing charges. Camp sweeps have been occurring across the US, most recently in LA and Philly. Watch for the Occupiers to re-emerge at the Free Speech Wall on the Downtown Mall.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-53494990869061288052011-11-30T13:11:00.023-05:002011-11-30T13:11:00.132-05:00Virginia Is Now 7th Worst State For Owners Owing More Than House Is WorthBuyers can get overwhelmed by constant local and national data. But what remains is this: the only consistency in the Charlottesville Area housing market for the past four+ years has been that prices keep declining. Caveat Emptor.
The dwindling pool of willing, qualified buyers and trapped sellers won't be helped by today's data:
Approximately 30% of Virginia mortgage holders are at or a C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-90868932203213171992011-11-30T05:55:00.000-05:002011-11-29T20:52:50.265-05:00The Dwindling Pool of Willing, Qualified HomebuyersRelated:
VHDA: Charlottesville Area Home Sales at 13 year Low, Prices to Continue Declining
Effective Negative Equity In the Charlottesville Area Housing Market
Charlottesville Area Home Price Declines Larger Than US Avg
Paradigm Shift: "Recovery" is the Wrong Term
At the moment, the Charlottesville Area market tracks the wider housing market at a lagtime of 12-18 months. Economists predictC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-40870383842831918732011-11-30T05:50:00.002-05:002011-12-01T20:47:25.925-05:00Case- Shiller Index: Home Prices Now At 2003 Levels...And they aren't finished declining. Read. And those who are still interested in purchasing a home are reluctant to try to catch the falling knife. After all, folks who bought during the Homebuyer Tax Credit, which ended in 2010, are now underwater.
Home prices have dropped back 8 years and mortgage rates have never been this low. Yet housing is going to continue to slide. Consumer C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-61001490027011899272011-11-22T09:30:00.001-05:002011-11-29T07:48:22.070-05:00UPDATED: #OccupyCville Occupies Charlottesville City Council - Decision About Continuing Encampment at Lee Park is Deferred to Unspecified DateUPDATE: The group has until Tuesday, Nov. 29 to make a decision on a new location and to vacate Lee Park.
Original Post: The local Occupy Wall Street encampment has a permit to remain overnight in Lee Park near the City Courthouse in the middle of Downtown. The permit expires on November 26. On Nov. 21, about 100 supporters crowded Council chambers, and nearly 50 people spoke, all but four in C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-66138330546699589052011-11-21T11:11:00.001-05:002011-11-22T08:48:45.664-05:00Monday Links: Home Sales and Declining Prices, #OWS, Stupor Committee Fail, Euro Zone CrisisHousing
October Existing Home Sales: Prices decline -4.7% y/y to median of $162.5K. Contract failure is at 33%. Distressed sales are 28% the market.
Though due to decades of propaganda, some people don't really believe NAR.
NAR is going to revise home sales downward by -15-20%.
First-Time Homebuyers Declined 19% in 2011.
Occupy Wall Street - #OWS
The matter of the Lee Park occupation in C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-11995180892708142762011-11-21T08:23:00.000-05:002011-11-21T08:23:41.033-05:00A Four Page Memo About #OWSC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-39725149137208074092011-11-20T09:55:00.000-05:002011-11-20T09:55:45.296-05:00First-Time Homebuyers Decline 19% in 2011The NAR lacks credibility and has bombarded consumers with questionable info, but they sure do like to release data. The latest trouble: firstime homebuyers are declining. They're the grease of the housing market wheel because they provide current owners the ability to move up. Not too surprising their numbers are declining with the end of the Homebuyer Tax Cred, and since many Gen Y have no C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-45610926709017028982011-11-17T11:09:00.000-05:002011-11-17T11:31:22.931-05:00Paradigm Shift: We're Not Going to See "Recovery" - It Will Be Something ElseIf not recovery, then what? We need another term to define the new US paradigm.
We're seeing a shift in the economy, and a shift in work. What's done is done, and apparently can't be undone. And it's the #OWS folks who are telling us this now in the streets, in cities all over the country--and the world.
What about the Charlottesville Area? We're all connected; but our market is a little C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-8828880802077939042011-11-17T08:17:00.000-05:002011-11-17T08:17:47.153-05:00With Workforce Participation Declining, and Owning a Home Based on Two Incomes, What Next?In the article embedded below, Charles Hugh Smith shows why the Great Recession isn't ending. What's important here for the US and Charlottesville Area Housing Market are charts 5, 6, and 7: participation rate, which started rising in the '70's, when more women entered the workforce. At that point, owning a single family home became based on two incomes. Current wages are at the same level asC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-51047337037547061472011-11-15T09:59:00.001-05:002011-11-15T10:09:10.912-05:00Podcast: When Will the Charlottesville Area Housing Market Enter Recovery?The Realtors got together to appear on WINA's Real Estate Matters for Saturday, Nov. 12. With interest rates at the historic low of +/-4%, lower prices, and high inventory, why is this area still in a malaise? Why is there no rebound? And when will recovery begin?
Keep these thoughts and questions in mind while listenting to the podcast:The recovery after a bubble usually starts 7+ years afterC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-1054023477014749912011-11-14T11:27:00.002-05:002011-11-14T11:39:02.933-05:00City of Charlottesville and Albemarle County Real Estate Updates: January - October 2011Jim at RealCentralVA has two posts aggregating the data for year to date. The pending, solds, and listing data is for all property types (single family, condo, townhouse) aggregated. Individual types and micro-markets show varied data and strengths and weaknesses, but this is a good overview.
One thing that Jim is no longer doing: comparing current data to bubble-era data--and with very good C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-89096659284703761442011-11-14T09:15:00.000-05:002011-11-14T09:15:08.256-05:00The North Anna Nuclear Power Plant Has Been RestartedNo fanfare as the process was initiated on Friday, November 11. The plant is slated to begin generating electricity today and--if all goes as hoped--will be at full power in 10 days.
Related:
The Louisa County Housing Market After the #VaQuake
Dominion Moves Forward With Permit Process for 3rd Reactor C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-31003978208259871332011-11-14T06:55:00.003-05:002011-11-14T08:45:36.832-05:00What Recovery? After 3 Years of Money Printing and 0% Interest Rates, the US Economy Remains WeakCalling a spade a spade. Be sure to click over to BI to watch the video w/Rosenberg and Consuelo Mack.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-56748489750618359002011-11-10T05:00:00.002-05:002011-11-10T00:46:26.398-05:003 Realtors and A Bubble Blog - Part 2 - Should A Seller Try To Wait Out the Market?This is Part II of a Series. See Part I - Three Realtors and A Bubble Blog - Who, What, Why
Jim Duncan put up a post recapping a WSJ / Smart Money article, which wondered if sellers should be "patient" and stick to their prices.
The take away: Sellers shouldn't wait. What a home "may be worth" is irrelevant when buyers can be patient and the market is still declining.
But read on, because C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-33090003569750715322011-11-09T09:33:00.018-05:002011-11-09T10:07:54.440-05:00"Effective Negative Equity" - The Charlottesville Area Housing Market Could Stagnate For Years Because Buyers and Sellers Can't "Move Up"On Monday, the bad news came from Core Logic: the y/y price decline of 5.8%in the C'ville Area is worse than the national average.
Price declines lead to "negative equity." Almost 30% of Virginia mortgages are at or near negative equity; in fact, Virginia, is #8 of 50 states for owners owing more than the house is worth.
But the latest data defines a serious nationwide problem: Effective C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-88066955044316074762011-11-07T16:24:00.001-05:002011-11-08T21:48:26.926-05:00Biscuit (Re)Run: Forest Lodge LLC Takes Commonwealth of VA to Court to Get Higher Tax Credits For Failed Housing DevelopmentAt the heart of the matter--what the court will have to look at--is whose version of "What if the housing bubble never burst?" is most accurate. DMB Manager Coran Capshaw and local banker Hunter Craig are among the plaintiffs. Brendan Fitzgerald has the story. RealCentralVA has the pertinent linkfest.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-13358815432962422092011-11-07T15:03:00.003-05:002011-11-09T20:16:37.062-05:00Charlottesville Area Home Price Decline of 5.8% is "More Severe" Than Other Parts of the CountryThe Newsplex is making the comparison of "more severe here than other parts of the country" after posting data from housing analyst Core Logic. While the national rate of decline was -4.1%, the Charlottesville Area saw a -5.8% decline from September '10 year-over-year to September '11.
The Charlottesville Area is still a declining market--meaning prices will continue to drop. Much of the C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-56803741381564750492011-11-07T11:26:00.000-05:002011-11-07T11:26:55.824-05:00At Least $4.5 Billion Moved From Banks to Credit Unions During OctoberCustomers have had enough of "Too Big To Fail banks." They caused the financial crisis but are acting like victims, and have gobbled up taxpayer money, doing even better than before the Recession began.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-66923062169529160222011-11-07T11:01:00.000-05:002011-11-07T11:01:43.088-05:00Louisa County Finally Approved For FEMA Assistance For Home OwnersThat's a relief. There are at least 1,400 homes that were damaged in the August 23, record-setting earthquake, and few, if any, homes had earthquake insurance. Read the details.
Related: The Louisa County Housing Market, Post-QuakeC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-78658191583639861942011-11-03T10:45:00.001-04:002011-11-03T10:59:58.527-04:00Three Realtors and A Bubble Blog, Part 1: Who, What, WhyThe burst of the national Housing Bubble in 2006 started a national economic downturn that went global with the collapse of Lehman Brothers in September, 2008. This blog has been tracking the Charlottesville Albemarle Area decline in prices and sales, and concomitant rise in RE inventory since May, 2008.
Currently, locally, we've seen millions of dollars in lost equity, and thousands of homesC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-74822200729170359412011-11-02T10:26:00.000-04:002011-11-02T10:26:55.094-04:00Is the North Anna Nuclear Power Plant Going to Re-Start Next Week?RealCentralVA has details, including a link to the history and current issues involving re-start, written by local writer Tammy Purcell.
Related:
The Louisa County Housing Market After the #VaQuake
The Hook on the Louisa Housing Market C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-76807899874539715622011-11-02T03:33:00.001-04:002011-11-02T09:51:02.835-04:00With 8,000 Approved, But Unbuilt, Housing Units, Does Albemarle County Need to Expand the "Growth Area" - ?Albemarle County has made an effort to remain 95% rural. When you look at the numbers, below, of "approved" v. "actually built" houses and retail outlets, it doesn't seem like more land needs to be devoted to development. 16 years worth of residential approvals, 20+ years worth of retail space, by the calculation of one County Supervisor. And this is all minus the 3,000 units of the failed, C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-8361019362156550262011-11-02T00:12:00.000-04:002011-11-01T22:34:09.342-04:00#OccupyForeclosuresThis looks like a movement that could get a foothold in some of the hardest-hit foreclosure areas--Michigan, Ohio, Florida, Arizona--in addition to California. Don't miss readers' comments in the embedded article.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-8984123747687864872011-10-27T11:44:00.000-04:002011-10-27T11:44:16.038-04:00Prices Will Continue Declining: VHDA Presentation on Conditions in the Charlottesville Area Housing MarketBarry Merchant, the senior economist for the Virginia Housing Development Authority, made his annual trip and offered an update on housing and economic conditions to the CAAR.
Fascinating presentation covering headwinds to the economy, to mortgage lending, and the difficulties facing homebuyers and sellers.
The upshot: Prices are still declining. Sellers need to keep this in mind when listingC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-24971138948421134562011-10-27T11:30:00.000-04:002011-10-27T11:30:23.058-04:00Third Quarter 2011 Median Home Prices In VirginiaThe Charlottesville / Albemarle MSA is included for these purposes by the Virginia Association of Realtors in "Central Valley." Note: Micromarkets (neighborhoods, areas) vary considerably; this is an aggregated view as part of the association's marketing materials.
And the prices, which include all property types (detached house, condo, townhouse).
Images copyright VAR.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-30677819972169023982011-10-26T10:18:00.000-04:002011-10-26T10:18:38.002-04:00Congress Has A 9% Approval RatingA new poll by NYT/CBS finds a shockingly low approval and deep distrust of the government by Americans.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com2tag:blogger.com,1999:blog-6317997587864963429.post-50513809182102335272011-10-25T11:30:00.001-04:002011-10-25T11:35:14.967-04:00Now You Can Buy a Home For As Little As $100 Dollars in 28 States...But Not VirginiaNo kidding. Another genius idea from the Housing and Urban Development Administration (HUD) to help banks offload the depreciating assets they don't want. The US GOV will waive the 3.5% downpayment, and the 3% closing costs. Virginia is excluded because it is a "recourse" state. Read all about it.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-16862484285474483252011-10-25T11:25:00.001-04:002011-10-25T11:36:14.654-04:00Expected to ReFi 1 Million Mortgage Holders, What's the Impact of the Revised HARP?A couple hundred bucks a month back in the home debtors' pockets on a $200k mortgage with rates lowered from 6-7% to 4%. Is that going to help the housing market? No. Is that going to help the economy? Not really. And....
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-18281792943100276202011-10-24T09:51:00.000-04:002011-10-24T09:51:40.302-04:00Details: The Revised "Home Affordable Refinance Program" Can Lower Monthly Payments For Homes Now Worth Less Than Purchase PricePaid $750k for a house now worth $589K? The revised HARP may help underwater homeowners, if the mortgage is owned or backed by Fannie Mae or Freddie Mac, with limited costs/fees to the home-debtor.
Read the Federal Housing Finance Administration PDF. And streamlined details of the plan are in the embed, below.
Related: Previous Obama Admin Housing Programs Promised Aid to Millions of C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-31097364066727203162011-10-24T04:44:00.000-04:002011-10-23T23:26:57.321-04:00President Obama to Announce New Re-Fi Program For Those Who Owe More Than House Is WorthThe POTUS will be in Las Vegas from 11am - 3pm PDT, where he is expected to discuss details. Nearly 30% of Virginia mortgage holders are in negative equity, and this kind of program could help them refinance -- if they choose to stay in their homes.
Related: The ProPublica guide to failed save-the-housing-market programs from the Obama Admin.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-62405235238266292942011-10-20T14:22:00.073-04:002011-11-02T22:41:38.142-04:00Whose Responsibility Is It to Disclose the Proposed Western Bypass In Albemarle County? And How Will Today's Sellers Market Their Homes?Updated Nov. 1, Nov. 2.
The Western Bypass has been in the works for decades, went dormant in 2002, but now looks like it will be built. Charlottesville Tomorrow has a rendition of the 6.2 mile road.
Though the completion date would be years from now, many homes could be impacted. It's already influencing buy / sell decisions in this area. That is, the proposed Western Bypass is impacting C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-43275073809656554502011-10-20T05:55:00.001-04:002011-10-19T23:04:30.002-04:00The Nest Realty Group Third Quarter ReportThe Q3 Nest report is more comprehensive, and presents a more realistic view of this market, than the recent regional Q3 CAAR report.
Prices are still dropping. Due to lower prices, however, sales numbers in the City of C'ville popped up over the disastrous 2010 Third Quarter, which saw a national plunge in purchases due to expiration of the Homebuyer Tax Credt.
Related
Where's the Recovery C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-34982747666304498332011-10-19T20:20:00.000-04:002011-10-19T20:20:39.537-04:00The Home As "Trapped Asset"Everybody needs a place to live, but some people would rather rent money from a bank than rent a house or an apartment from a landlord. "Owning" obviously isn't for everybody. And those who want to tie up their money in a "trapped asset" should do it with eyes wide open.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-33039075403518433722011-10-17T11:38:00.001-04:002011-10-17T16:31:52.991-04:00WSJ: Decline in Housing Inventory Won't Lead to Rise In Prices; CAAR Remains Hopeful Charlottesville Albemarle Area Market Is DifferentLast week when the Third Quarter CAAR report came out, the big news was that there was a -7.3% year-over-year decline in home prices in the region.* This is a large drop, and should be motivating sellers with equity to cut prices, since buyer traffic is declining, sales have declined and we have now entered the "slow" time of year.
Instead, what the CAAR narrative focused on, and what it got C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-17387269800642116912011-10-15T07:07:00.000-04:002011-10-14T23:37:21.846-04:00Hanley Wood, Which Recently Profiled C'ville As "Healthy" Housing Market, Axes "Big Builder"The WSJ reports, "With no meaningful housing recovery expected any time soon," the publisher Hanley Wood is shuttering an offshoot of Builder, "Big Builder" magazine, which "chronicled the housing frenzy and the worst downturn in decades."
Hanley Wood is the entity behind "Builder Online," which declared C'ville the '6th healthiest market in the US" based on its projections for building permits C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-69011262311974538962011-10-13T11:33:00.004-04:002011-11-01T22:48:55.101-04:001612 Grove Ave - C'ville Foreclosure Re-Listed For Sale At Market Price - $265kWhy is this foreclosure listed at market price? Since the backyard abuts the 250 Bypass, some buyers would say it's actually listed above market price, enjoying as it does the passage of 40,000+ cars per day.
This property was Re-Po'd by the FHA in June for $133k. Folks buy foreclosures because banks (or the government entity on which they've dumped their bad mortgages) slash prices, typicallyC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-50289867228307840742011-10-13T08:26:00.000-04:002011-10-13T08:26:12.379-04:00#OccupyWallStreet - #OccupyCvilleBelow is the graph that shows shocking income inequality in the US: 1% v. 99%. Via MotherJones. Many more charts and graphs are in the embed.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-23012564017336944712011-10-12T18:49:00.002-04:002011-10-12T22:51:27.868-04:00#OccupyCville is FormedThe C-Ville reports that a local branch has sprung up for the national #OccupyWallStreet movement. See the #OccupyCville site and follow them on Twitter. Sometimes, wishes come true. C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-61382214604242139892011-10-12T11:12:00.000-04:002011-10-12T11:12:37.692-04:00Wall Street Journal: How to Make a 'Lowball' OfferArea prices are dropping like proverbial stones (see this and this). But when buyers think prices are going to drop further, as many do in the Charlottesville Area due to lack of recovery plus high inventory and low sales, buyers price for tomorrow, not today. National and local RE sales enter a slow period during Fall/Winter, and the WSJ has tips on how to go about making a lowball. And one C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-28638022952582815932011-10-11T10:11:00.002-04:002011-10-11T10:31:18.976-04:00CAAR 2011 3rd Quarter Report: In a Word, "Down." Prices Down, Sales Down, Inventory Down.This post: What do "Active Inventory" and "Days on Market" mean for buyers and sellers?
Next post: How much have prices fallen in particular areas? How much will they continue to fall?The Charlottesville Area Association of Realtors Third Quarter 2011 Report is for the region. Data can vary widely from the City, and County to County. This report is an overview.
First, the 2011 basics comparedC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-35344956442634009162011-10-11T09:14:00.004-04:002011-10-12T18:40:42.702-04:00Wouldn't It Be Great if C'ville Has An "Occupy Wall Street" Welcome for President's Visit?The POTUS will be bringing his campaign bus tour in support of the American Jobs Act 2011 to Charlottesville between October 17-19.
While Mr. Obama's "support" of Occupy Wall Street is admirable, the administration's continued kow-towing to and bailing out of gigantic banks is demolishing the American citizenry (see this and this). Sure, he inherited many of the problems: but the solutions areC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-61156437059434485162011-10-10T11:07:00.001-04:002011-10-10T11:08:48.379-04:00This is Not a "Recovery" - US Median Income Has Plunged Since Recession "Ended"Median income fell "only" 3.2% during the Recession--6.7% after, for a total of 9.8% in four years. The numbers below (and see chart in embed) also help explain why 4% mortgage rates aren't motivating home buyers.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-74901632695275890872011-10-10T06:50:00.000-04:002011-10-10T10:58:58.315-04:00This is Not a "Recovery" - 13.5+ Million Remain Unemployed as 58,000 New Jobs Added: September Unemployment Remains at 9.1%You may have read the number "103,000" new jobs added to economy...but that was because the 48,000 no-longer-striking Verizon employees were re-added to the total. They don't count as new jobs.
Chart via CalculatedRisk.
Click on image for larger image in new window.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-12428633801991160432011-10-05T15:53:00.000-04:002011-10-05T16:04:38.859-04:00After 6 Year Downturn "We Are Still Not Even In A Recovery Stage" - Local Realtors Weigh In On "Health" of Charlottesville Area Housing MarketPART 1 of 2 Posts - Assessing the "Health" of the Charlottesville Area Housing Market
The current "health" of the Charlottesville Area real estate market has been under discussion (more intense than usual) for the past few days, specifically the new construction market.
A couple of local Realtors have posted about it: Roy Wheeler Realty CEO Michael Guthrie and RealCentralVA / Nest Realty C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-91188527954826446172011-10-05T11:34:00.000-04:002011-10-05T11:34:04.243-04:00The Buy v. Rent Debate ContinuesC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-33956250065840246132011-10-03T15:03:00.001-04:002011-10-03T17:59:35.865-04:00Charlottesville, VA's "The Daily Progress" Takes Opinion of Media Outlet For Builders, Presents It As If It Is "News"An online media outlet for builders thinks that 2012 will be better than 2011 for the Charlottesville Area new construction market, despite declining sales, and has deemed this market "healthy."
Which is more disturbing, misleading, embarrassing, depressing?
1. That the US housing market is so troubled that the Charlottesville Area, which has seen a 16% year-over-year decline in new home sales C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-76985975824444597222011-10-03T10:10:00.003-04:002011-10-03T10:43:27.894-04:00With Nat'l New Home Sales At 50 Year Low, Media Outlet for Builders Overlooks Charlottesville's 16% Annual Decline in Sales, Deems Market "Healthy""Builder Online" is a website for those in the construction business, run by Hanley Wood, which describes itself as "The No. 1 Media Company Covering Construction."
On Sunday, October 2, the regional daily newspaper, The Daily Progress, published a story that proclaimed the "health" of this area's market, based on Builder Online's opinion/projection that 2012 would see stronger permitting and C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-16778510346287349072011-10-02T21:01:00.000-04:002011-10-02T21:02:54.102-04:00"Coal Tower Project" is Following Economics-Driven Local Trends: Scaling Down, Building Apartments Instead of Townhouses or Single Family HomesDevelopers recognize where this market's heaviest future demand is: rentals. The younger generation(s), call them Gen Y or Millennials, are saddled with too much debt for most to buy a home, and the short-term buyer has vanished from the Charlottesville Area market. Nationally, the homeownership rate is dropping to a level not seen since the 1990's. There are no major private sector jobs C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-21192761781852084072011-10-02T20:31:00.001-04:002011-10-02T20:37:08.294-04:00Buyers and Sellers Can Now Track Realtors' Success Rates, OnlineThat is, buyers and sellers can do this in 15 Western real estate markets covered by online brokerage Redfin, which now has a "Scouting Report." This type of transparency will likely go national in coming years. The NYT gives an overview of the data. There's a dogpile of responses from Realtors online, including a calm response from The Phoenix Real Estate Guy. But this Portland, OR, agent isC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-15418649893552838712011-10-02T11:46:00.002-04:002011-10-02T11:46:34.209-04:00C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-73845589777348415012011-09-30T09:00:00.003-04:002011-11-01T22:48:33.951-04:00Now Asking $153K - 2218 Banbury Street, Charlottesville: Neg Eq Leads to Foreclosure Then Relisting At 45% DiscountAfter "chasing down the market" for months with small price decreases, 2218 Banbury Street, a rancher in the City, is a classic tale of negative equity leading to foreclosure--and dragging all the neighbors underwater simultaneously. Negative Equity is a plague in Virginia, and it's increasing in Charlottesville Albemarle.
Despite the loss of home value around it, this house is now priced atC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com1tag:blogger.com,1999:blog-6317997587864963429.post-83146190283484123102011-09-29T00:12:00.001-04:002011-09-29T06:59:54.201-04:00VIDEO: Is Owning a Home Still Part of the "American Dream?" Or Is Renting a Home A Cheaper, Faster Way to Achieve That Dream?Nationwide, homeowners have lost 28% of their wealth since 2005 due to the burst of the housing bubble. In this area, folks have lost millions on foreclosures and negative equity. Makes renting seem attractive...especially when you consider:
The Charlottesville Albemarle Area is highly transient--roughly 30% of the population leaves every year.
Developers know many folks don't want to--or C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-7369425100469481922011-09-28T09:31:00.001-04:002011-09-29T07:01:24.239-04:00Foreclosure - 417 9th Street. 2007 Price: $435k. 2011 Asking Price: $300k.This 3 bd, 2.5 bath ca 1925 rehabbed house is in the 10th and Page section of the City of Charlottesville, and it has been repeatedly listed for foreclosure auction over the past year, before going back to Fannie Mae on Aug. 25.
10th and Page is one of the most poverty-stricken areas of the City, but in the heydey of the bubble, there was a hope that it could be "gentrified" like Belmont. NeverC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com4tag:blogger.com,1999:blog-6317997587864963429.post-26091497962606041662011-09-28T09:10:00.000-04:002011-09-28T09:10:38.544-04:00When Did the Current Recession Begin?ZeroHedge believes that when the NBER gets around to determining, it will have been some time during JAN - JUN of this year.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-88473776300773690052011-09-28T07:00:00.000-04:002011-09-28T07:17:38.789-04:00Report: Quake Vibrations Shut Down North Anna Nuclear Power Reactors; Permit Process For Reactor #3 Moves ForwardDominion Power states it has found that the vibrations from the Aug. 23 5.8 earthquake caused the reactors to shut down, not a loss of external power at the facility. The plant remains under investigation by the NRC. Read. And some permits needed to move forward on controversial Reactor #3 have been granted.
There was a protest outside Dominion's headquarters in Richmond on Tuesday, SeptemberC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-5996315525260522222011-09-27T14:02:00.000-04:002011-09-27T14:39:32.961-04:001 in 5 Charlottesville Families Can't Pay Their Bills: The Chamber of Commerce Notes the Best Way Out of Poverty is Through JobsThe "Greater Charlottesville Area Development Corporation"--the "charitable" arm of the Charlottesville Chamber of Commerce--has conducted a study showing:
1 in 5 families can't pay their bills
1in 3 families can't afford the costs, such as child care and transportation, to keep a job
Then the Corporation came up with some Solutions:"To address the issue, the community needs to support local C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-82991541944643316872011-09-27T10:43:00.001-04:002011-09-27T10:50:15.293-04:00Police Say the Gang Problem In Charlottesville and Albemarle is Growing. Again.The police have now identified at least 150 gang members in the City/County from a dozen+ organizations.
The Commonwealth of Virginia is focusing on eradication of gangs.
Gang-tagging is visible all over Charlottesville and Albemarle, prevalent in commercial areas and public spaces such as playgrounds.
In 2010, there were frequent reports of gang vandalism at Downtown's McGuffey Park.
In 2008,C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-34801278158198051872011-09-25T19:57:00.003-04:002011-09-25T20:33:04.871-04:0020% Down Payments Unlikely Until 2013...If EverThe Housing Bust won't be "over" by 2013 (shadow inventory, global recession of 2012, etc.) But even if it were, that's the earliest that the 20% rule might go into effect.
Six Federal agencies -- The Federal Deposit Insurance Corp., the Treasury’s Office of the Comptroller of the Currency, the Department of Housing and Urban Development, the Federal Reserve, the Securities and Exchange C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-3753373158010743922011-09-23T13:11:00.001-04:002011-10-14T10:16:03.690-04:00One Month After the Earthquake, How's the Louisa County Housing Market?Before the August 23 magnitude 5.8 earthquake hit the East Coast, epicenter Mineral in the County of Louisa, Virginia, the housing market was already struggling. Louisa County is rural, agricultural, and between Henrico and Albemarle Counties, where many commute for work, and has a population of about 33,000.
As of July 31, completed home sales were down 30% over 2010 (which had been greased C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-3607296304391284132011-09-23T12:22:00.000-04:002011-09-23T12:22:13.309-04:002548 Garth Road - Grand Home on 50 Acres - Price Reduced $1MPurchased in 2000 for $1.75M
Assessed at $3M
Beautiful home on 50 acres in Western Albemarle.
Image copyright Trulia. Click on it for larger version in new window.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com2tag:blogger.com,1999:blog-6317997587864963429.post-24448198335752774102011-09-23T12:17:00.000-04:002011-09-23T12:17:23.546-04:00512 Paton St. - New Construction in the City - Price Reduced $50kIn the area behind the UVA hospital, off Cherry Avenue. Original list at $249.9k.
Image copyright Trulia. Click on it for larger version in new window.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-40573792841530133332011-09-22T07:00:00.000-04:002011-09-22T08:05:10.312-04:00Earthquake in Eric Cantor's District...And What About That Deficit?Read.C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-48943942062928508322011-09-21T12:49:00.000-04:002011-09-21T12:49:20.192-04:00Halsey Minor Hopes a Charlottesville Bank Will Finance the Landmark HotelIt would be great to see the 3 1/2 year old eyesore replaced with beauty. But what Charlottesville bank has the $$$ for this? Nevertheless, Minor is confident the hotel will be finished and will become one of the 'top 25 boutique hotels in the country.'C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-81714867325047688372011-09-21T12:12:00.000-04:002011-09-21T12:19:58.223-04:00$1.75M Equestrian Property in Keswick Scheduled For Foreclosure This Afternoon, Owned By "Keswick Acquisitions LLC"
The auction is scheduled for 2:15 pm today at the Albemarle County Court House. Foreclosures are subject to change without notice. The property is located near Castalia Farm at 5400 Gordonsville Road. The image is copyright Zillow, from an old listing. Tax assessment is 100's of thousands less.
The owner is listed as "Keswick Acquisitions LLC." Which is...?
See Manta for an NYC address C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-71010860214420243412011-09-21T08:30:00.000-04:002011-09-21T08:30:47.175-04:00What is "Operation Twist," And What Does It Have to Do With Mortgage Rates?The Federal Reserve (FOMC) concludes an unusual 2-day meeting this afternoon, and the expectation is that they'll announce America is a declining empire signal the use of "tools" to help the massive debt issues and structural unemployment crisis. The upside to the crisis is historically low mortgage rates, now about 4.09%. Nevertheless, few folks are willing or able to take advantage and C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-57708632992378676252011-09-20T20:10:00.002-04:002011-09-21T08:42:22.213-04:00Are "Normal" Sales, Where the Seller Has Equity, Fading Away? Or, "Sell Now"The other day we posted on the huge number of Virginia homeowners who have negative equity--they owe more than the house is worth. Virginia is #8 in the United States.
In 10 major metro areas, sales funded through mortgages declined by 60% from 2005-2010.
The housing market keeps morphing into a transactional morass that nobody has seen before, nor been able to anticipate. And we're posting C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-42266259667102693422011-09-14T11:11:00.004-04:002011-12-08T19:53:40.328-05:00A True Measure of Trouble In Charlottesville Area Housing Is Negative Equity, Not the Number of ForeclosuresThe latest data from CoreLogic shows that the Charlottesville Area's foreclosures are (once again) up 25% from the same time last year. When reported by local media outlets, online and on air, NBC29 and Newsplex reporters pointed out 'The Charlottesville rate is lower than the national rate.'
And a recent Hook story on the drastic decline in midsummer home sales also tried to reassure readersC'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-26255048688321375282011-09-14T09:21:00.001-04:002011-09-14T09:44:00.712-04:00US Poverty Rate 15%, Highest in 50+ Years; City of Charlottesville Exceeds This By At Least 10+%National shame. And local shame.
Unemployment and the underemployment remain the national crisis.
Charlottesville may have a lower employment rate than nationally, but unemployment is rising. Too, there are folks living in poverty who are not counted as unemployed--they're not part of the statistical workforce.
In terms of the national outlook, this year is not going to be any better, C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-14480426539938917582011-09-13T19:43:00.002-04:002011-09-14T09:47:40.019-04:00NRC Says No to Dominion Power's Rapid Re-Start of North Anna Nuclear Power StationNobody knows why the nuke plant shut itself down moments after the 5.8 magnitude earthquake struck the East Coast, shaking it twice as much as it was designed to withstand, on August 23. Despite this, Dominion Power hoped to restart the plant, 11 miles from the quake's epicenter, on September 22.
The NRC has committed itself to reassessing earthquake risks at nuclear plants.
In terms of C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-63787416265078116542011-09-12T00:12:00.000-04:002011-09-11T22:31:47.517-04:00$$$ Changes 9/11/2001 to 9/11/2011Click on image for larger version in new window. From ZeroHedge.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-76742661804252288762011-09-11T11:11:00.001-04:002011-09-10T22:37:18.803-04:00
10 Years Later, In Memoriam.
C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-11789137640167175322011-09-09T00:22:00.001-04:002011-09-09T07:43:50.346-04:00Fact Sheet For The American Jobs Act Includes A Mention of Mortgage ReFi'sPresident Barack Obama gave a speech tonight designed to rally voters save the economy make it seem like he cares as much about the citizenry as pleasing Big Banks.
Mortgage ReFi's at 4% are included in the plan under "More Money In the Pockets of Every Worker and Family." The hope is to extend HARP, the Home Affordable Refinance Program, so that more folks qualify. When costs are outlined on C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-40238725852521604012011-09-08T09:30:00.013-04:002011-09-08T10:16:51.997-04:00NRC: 5.8 Earthquake Caused 2x As Much Ground Shaking As North Anna Nuclear Power Station Designed to WithstandDominion Power execs are scheduled to meet today with NRC officials to discuss the impact of the August 23, 5.8 earthquake that shook the East coast.
The plant endured more quake movement than it was designed to withstand, according to a preliminary federal analysis:
Parts of the North Anna Power Station in Mineral, Va., 11 miles from its epicenter, endured jolts equal to 26% of the force of C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0tag:blogger.com,1999:blog-6317997587864963429.post-16234056357763026972011-09-07T10:10:00.002-04:002011-09-07T10:31:26.091-04:00UPDATE - 1320 Kenwood Lane - 2009 Asking Price: $1.1M. 2011 Selling Price: $565K.Whatever happened to 1320 Kenwood Lane, Charlottesville? In October 2009 we wondered How Do You Put a Price On a Labor of Love? This was after the price had already been reduced.
The house finally found new owners for 49% less than the original asking price: $1.1M to $565k in July 2011, after being on the market for over 2 years. This awesome house has always attracted a lot of notice, C'ville Bubble Bloghttp://www.blogger.com/profile/07208124072484015474noreply@blogger.com0