http://www.miamicondoforum.com South Florida Real Estate Crash Blog Wed, 04 Nov 2009 06:14:44 +0000 http://backend.userland.com/rss092 en There will be no recovery and prices will remain pressured until foreclosures drop down to more normal levels of less than 1,000 per month. CLICK FOR LARGER IMAGES. http://www.miamicondoforum.com/?p=1580 Can anyone help out a French investigative journalist? Contact me and I can put you in touch with this person. Reprint of email: Hello, My name is [redacted] and I work as a producer for the French television France [redacted]. I am writing because our crew is coming to Miami next week to ... http://www.miamicondoforum.com/?p=1571 http://www.miamicondoforum.com/?p=1564 The Florida unemployment rate hit 10.2% in May. Up from 9.7% in April. Up from 3.8% in May 2007. This is getting scary. CLICK FOR LARGER IMAGES. http://www.miamicondoforum.com/?p=1551 The drop is likely due to a recent change in the law. Will foreclosures stay down for long? I don't think so. Even after factoring this in, projected filings for the entire year remain at record levels.  CLICK FOR LARGER IMAGES http://www.miamicondoforum.com/?p=1544 Behold, one of the idiots in Congress that is bankrupting you, your family and the United States. Are Americans this pathetically stupid? This man enjoys high approval ratings in Massachusetts. By the way, this hypocrite is a renter according to wikipedia. httpvh://www.youtube.com/watch?v=iW5qKYfqALE http://www.miamicondoforum.com/?p=1532 Case Shiller data shows that Miami crashed another 3.5% (~5.5 points). At this rate we will be at 103 in 12 months. When will inflation start to support nominal values? I don't know. However, with interest rates, HOAs, and property taxes having only one direction to go (up), it would ... http://www.miamicondoforum.com/?p=1526 http://www.miamicondoforum.com/?p=1522 February was revised up to 9.6% from 9.4% and thus unemployment technically only increased 0.1%, but it's actually up 0.3% from my last update. http://www.miamicondoforum.com/?p=1514 Case Shiller Miami is out today and down another 5 points or about 3% in a single month. Housing recovery? Ha! CLICK FOR LARGER IMAGE. http://www.miamicondoforum.com/?p=1507 I was just wondering what was taking the Miami-Dade County Clerk so long to release the March foreclosure stats. Well, the March 2009 number is out now and it's uncanny! March easily surpasses all other months. In fact, foreclosures last month are almost as great as the entire year of ... http://www.miamicondoforum.com/?p=1481 Anonymous tipster info: an individual was ruthlessly killed outside of multiple "luxury" condo developments including 1800 Club on Monday. CLICK FOR LARGER IMAGE I searched for a news story covering this incident but apparently this has been suppressed and/or just another case of lazy Miami reporting. Here's a quote I ... http://www.miamicondoforum.com/?p=1426 Check out the action today on the CME Real Estate Futures for the Miami November 2009 contract! CLICK FOR LARGER IMAGE. What are real estate futures? From the Chicago Mercantile  Exchange website:   "S&P/Case-Shiller Home Price (CSI) Indices futures and options are the first comprehensive financial tools that make it possible to manage U.S. housing risk.  These ... http://www.miamicondoforum.com/?p=1416 The most recent Case Shiller data set is out (January 2009) and the results do not look good for homeowners across the nation.  Miami was down about 6 points (3.7%) and Tampa was down 6.8 points (4.4%). I’m still expecting a full retracement to 1997 price levels (adjusted for ... http://www.miamicondoforum.com/?p=1407 The February unemployment rate jumped to 9.4%. January unemployment was revised up from 8.6% to 8.8%.  This meteoric rise in the unemployment rate reflects the collapse of Florida's dual economic bubbles: real estate and tourism. If you think this is bad, just wait until the tourist season ends. http://www.miamicondoforum.com/?p=1385 There's still a lot of strength in the foreclosure numbers released by the Miami Dade County Clerk last week. My 2009 foreclosure projection was revised down by just 500 and still hovers near 72,000. The projection is still going to be pretty noisy with so little data. A surge later ... http://www.miamicondoforum.com/?p=1376 I'll let the charts do the talking: http://www.miamicondoforum.com/?p=1362 Dear readers, I'd like to assist an Associated Press reporter working on a story relating to condo associations and HOA delinquency rates. How are the new Fannie Mae lending guidelines (which have HOA delinquency rate cut offs for loans) affecting the buildings with high delinquency rates? Common sense implies bad things, ... http://www.miamicondoforum.com/?p=1341 In Miami and on a boat! Warning profanity: httpvh://www.youtube.com/watch?v=R7yfISlGLNU The video that they're mocking (also set in Miami). http://www.miamicondoforum.com/?p=1325 I've received some questions about a chart Calculated Risk recently posted demonstrating that Miami is nearly back to 1999 price to rent ratios. Reproduced here: Convincing evidence that we are reaching a bottom? Think again. Here is the BLS rent index used to make to make the aforementioned chart: This graph is ... http://www.miamicondoforum.com/?p=1297