Mitt unloads two more-than-McMansions (plus a Q of the day)

Advice to Mittens

You wanna "impress" people? Donate every nickel of the sales to a charity like Habitat for Humanity.

Until then, STFU.

Q of the day: Maine is screwed, pure and simple.

Houses are just sitting; nothing is moving. And there are more added every week.

We keep losing jobs at an alarming rate, especially paper mill and manufacturing jobs. It was reported that 8 of our 16 counties were already in double digit unemployment back in December and we've lost easily another 5-7000 jobs since then.

Hospitals are closing OB departments, reducing surgical unit hours, laying off up to 15% of their workforce. From the Canadian border to the coast.

"It goes on one at a time, it starts when you care to act, it starts when you do it again after they said no, it starts when you say We and know who you mean, and each day you mean one more."

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by: Louise @ Thu Apr 09, 2009 at 09:33:03 AM CDT

Not a lot of pain in DC ...

... but it's such a transient city, and every four to eight years, there's a big political transition, where lots of people move out and even more people move in.  My particular neighborhood (Capitol Hill) is very attractive to those Senate/House staffers on the progressive side who want to bike or walk to work.

But being in DC, we live and breathe the news, so I'm very well aware what kind of bubble I'm privileged to be living in.  Hoping it turns around soon ...

As for Mitt Romney: Be afraid ... be very afraid ... he's the one Republican I can think of that could present anything resembling a threat to President Obama in 2012, particularly if the pain hasn't completely abated by then.

"There are two kinds of people in this world -- the kind who separate the world into two kinds of people, and those who don't."  -- Gloria Steinem

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by: red7eric @ Thu Apr 09, 2009 at 09:35:03 AM CDT

Not a lot of pain for some...

I live in a high-rise in Alexandria, VA (A Virgina Suburb of DC for those not from around here) and I've lost almost half the value of my unit when I bought it in 2005.  I'm almost $100k upside down in my mortgage.  Not a fun place to be, especially after hitting a few financial bumps along the way that have put serious blemishes on my credit report which makes refinancing even harder to do.

"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -- Thomas Jefferson

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by: Daimeon @ Thu Apr 09, 2009 at 15:25:34 PM CDT

[ Parent ]

*eek*

hang in there, bud.  

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by: RyansTake @ Fri Apr 10, 2009 at 03:05:13 AM CDT

[ Parent ]

Michigan

It's getting worse thanks to the government dragging our already beleagured auto companies through the mud and essentially ensuring GM's doom (Ford's just fine, and Chrysler was f---ed already).  

Feb. 2009 Michigan unemployment rate statewide-12.0 percent.  Detroit/Warren/Livonia unemployment-13.6 percent

Housing-there are blocks in Detroit, both the suburbs and the city, where literally every other house is for sale, and has been for a year or two or even three now.  In the City of Detroit, one can buy a house in decent condition for $20,000.  The thing is, people still aren't buying them because they don't want to commit to a payment.

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by: xequar @ Thu Apr 09, 2009 at 10:36:17 AM CDT

DC AREA

I will have to disagree with "red7eric" - while downtown DC may not be suffering too much.  The northern VA area (suburb  of DC) ... things are not looking that great.
Homes staying on the market longer, prices way down - some prices even under what they were five years ago.
People are losing jobs, left and right and are unable to find anything to replace their lost wages at the same level.
Even Federal positions are being scrutinized - to see if  the positions are even needed.
I believe the Post Office is slated to lose another 5000 people.  Other Government agencies are not that far behind them.
While, I cannot say we are at the levels of say Detroit - in lost jobs ..... Or California in lost property values.....
This recession/downturn is affecting the DC area.  

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by: KJS @ Thu Apr 09, 2009 at 11:00:13 AM CDT

the suburbs are always hit worse

(at least in cities that people want to live in)

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by: RyansTake @ Fri Apr 10, 2009 at 03:06:15 AM CDT

[ Parent ]

Williard's Housing Problem

He just doesn't want to be shown owning a big old pink colonial in Massachusetts, the old homophobe. We are so glad he's gone from here.

If you can't say anything nice about anybody, come sit next to me.

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by: Frenchy @ Thu Apr 09, 2009 at 11:19:41 AM CDT

Keeping my fingers crossed...

We are putting our house on the market today and are relocating to NY so we have to sell. We are in NC about 30 min north of Fayetteville so we are lucky that houses do sell due to military turnover. Likely it will sell for what we have into the house but that's a better situation that some in the country are dealing with. I am a Realtor and I keep in touch with agents where I sold homes for 10yrs (Va. Hampton Roads area), they have really felt the crunch there for a few years. There was about a 5 year price boom in that area and even tho they have several military bases that keep people moving the market was down for a while. Agents going into debt trying to advertise their properties (so you are not only not getting paid you also have a $25k bill at work). But the good news is after the interest rate dropped again and the tax incentive,the market is starting to move again. That will be great for the economy as every property sale employs 25 company's (on adv.). The McMansions have not felt the boost yet.    

...... Next time someone gives you a hard time for being LGBT... just ask them if they are unenlightened...or closeted

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by: lisabrealty @ Thu Apr 09, 2009 at 12:01:27 PM CDT

A smaller house

can be harder to keep clean than a larger house. Our condo in Santa Barbara was about 1100 sq. ft., and it was a constant challenge to keep it picked up and organized. Our current house in Ventura County is about 3,000 sq. ft., and there's a place to store everything. The guest room, my office, and the living and dining rooms are always clean, because we hardly ever go into those rooms. The family room and kitchen just require putting things away - and there are enough cupboards to store everything - and then loading the dishwasher and wiping down the counters. The only rooms that ever need real cleaning are the master bedroom and master bathroom. Mostly because of the dogs.

As far as how the housing market is going... Ugh. The one and only bright spot is the lender dropped the interest rate on our equity line. Without us even asking. I was very surprised, but also very happy. That doesn't get rid of the 13 bank-owned properties in my own small neighborhood (13/69, or almost 20%) that are all going to weed hell, or that my one remaining next door neighbor is facing an auction of his home, or that I know of three more people in my small neighborhood who have lost their jobs and their houses will probably soon be foreclosed, or that my home, which I bought seven years ago and that had at one point appreciated to more than double what I paid for it, is now worth almost 25% less than what I paid for it. Or that what we'd hoped would be a lifeline for us after my husband lost his job, someone renting out the guest room, still hasn't happened, because everyone is renting out rooms to try and make ends meet. In short, the housing situation is ugly, and it isn't getting any better. Even the bank-owned properties aren't selling.

Cause any fool knows, a dog needs a home; a shelter from pigs on the wing

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by: QueerInSoCal @ Thu Apr 09, 2009 at 12:31:02 PM CDT

McMansions

Utah is the McMansion capitol of the U.S., and also in the top 1 or 2 for bankruptcies.. hummmm, I guess they haven't figured out Big House = Big House Payment.. it isn't rocket surgery.

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by: aztxcaute @ Thu Apr 09, 2009 at 12:53:17 PM CDT

I'm sure

he'll be unloading a fleet of gas-guzzlers as well, then purchase an American-made hybrid.

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by: Naperville Mom @ Thu Apr 09, 2009 at 13:40:41 PM CDT

High desert Los Angeles County...

There are a few dozen housing developments here (at least) that were heading towards completion when the market tanked.  It seems that the builders figured they could minimize their losses by just finishing the houses and then selling them for less than the building cost (at least recovering some of their money).  As a result, there are 5-bedroom McMansions going for under $300k, with the more normal-sized houses creeping into the low 100s.

As a result of this, we might be able to save a few joshua trees and a few acres of endangered scrubland.

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by: M @ Thu Apr 09, 2009 at 14:28:12 PM CDT

Willard

Everything Willard says or does has to do with his run for the Presidency.  Obviously he kept his home here in NH so he could use it as a stepping stone in the next presidential primary.  He obviously has plans for California. 10 bucks says he is planning on running for office there as a second stepping stone.

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by: Herb @ Thu Apr 09, 2009 at 15:26:44 PM CDT

Bedfordshire, England

We're quite a way behind the US in terms of house prices falling, especially in areas closer to London, where for a time house prices were still rising even after the rest of the country had already gone into freefall. My flat was worth about £120K ($175K) this time last year; it's now worth about £90K ($130K) - that's a 25% drop in 12 months. However the recession is only now beginning to bite into the economy, so I dread to think what this thing is going to be like in another year. Even the most extreme predictions I'd seen six to twelve months ago were saying a 40% drop at most, but we're already more than half way there. I think we could see between 50% and 75% wiped off house prices, which would put my flat between £30K and £60K ($45K and $90K).

Ironically, for me the lower prices are a good thing - currently I rent, but I'm planning on buying when the market bottoms out - I've been saving up for a deposit with this in mind - so the lower the prices fall the better. I think a lot of people are planning the same thing - my cousin has the green light on a mortgage however she's chosen to delay because prices are falling so fast.

____________________________________
Cuius testiculos habes, habeas cardia et cerebellum.

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by: tavdy79 @ Thu Apr 09, 2009 at 18:48:41 PM CDT

Hopefully I will be employed soon,

We have tentative plans to buy a house in July here in Denver.  My mom will be finished with her knee replacement surgeries and well healed.  The money I earned I spent on getting my credit straightened out and paying Lawyers.  But I am hopeful that not to long from now I will be employed.

That is the whole kicker.  Here in Denver, prices have just about bottomed out as we have been watching several houses to keep our own personal track.  

If I make sense? it was quite by accident.

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by: HappyCat @ Thu Apr 09, 2009 at 19:35:19 PM CDT

[ Parent ]

it's not hard to keep something clean

if you're hardly ever there. That way, you only need housekeeping a few times a year.

Q of the Day -

Pretty bad. My house 2 or 3 years ago would have gone for over $300,000 - and quick. Now, it may sell for over $200,000 because its in a nice town, but it would probably sit for a while.

There are modest 1b condos by the beach one city over that were going for around $150-200k last year... going for $40-90k now.

However, while it's painful for a lot of people, I don't think this is actually a bad thing. The homes were never worth that much to begin with IMO. That's why they call it a "bubble." Average homes shouldn't go for more than 3-5x the median income of whoever's buying the place. Home prices were relatively stable pretty much throughout the history of America according to that standard -- with only a few bubbles, all of which are inevitably popped. We're only getting back to where we should be.

The banking system's "fix" shouldn't be to bring us back to where anyone and everyone can get low interest loans. Home loans should require 15-20% down, period. Sucks for some, no doubt, but otherwise the entire market is at risk. That's the only way to make sure that we never get another bubble bad again, the kind of which can cause depressions. Now that home prices are becoming sane again, it actually makes homes more affordable. People will have to save, but they're saving for properties they can now realistically afford and won't be putting half their paychecks for the mortgage.  

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by: RyansTake @ Fri Apr 10, 2009 at 03:04:10 AM CDT