The Housing Bubble Blog

Great site. This is one of the earliest (and least shrill) chroniclers of the housing-related insanity of the past few years. Tons of great comments and links to relevant housing info from across the nation. Lots of good comments too.

Siome quotes from today...

“Of the first 10 properties on the auction block, Westfall said his two properties drew the highest bids - $215,000 for a 3,000-square-foot home in the golf course community of Heritage Isles; another $215,000 for 56 acres in Riverview.”

“‘That doesn’t make us feel any better,’ he said. Not when the mortgage on the Heritage Isles place is $150,000 more than that. Not when he was looking for $2.5 million on the parcel in Riverview. Westfall, like many other hopeful sellers at the mass auction, didn’t accept the offers.’

...

“‘Buyers are sitting on their hands, and sellers are saying they’re not going to change the price,’ JP King Auction Co. spokesman Carl Carter said. ‘What an auction does is establish a market price.’

Amazing.