Flint Michigan is a red hot real estate market!
Posted on September 28, 2007 - Filed Under Business |
Huh?
Did I just say that?
Oh yeah, today’s quote: The man who reads nothing at all is better educated than the man who reads nothing but newspapers. - Thomas Jefferson.
The Wall Street Journal published this relatively cool map, showing the delinquency rates around the US. The map and the data look all pretty. But much like many of the first dates I’ve been on, the authors opened up their mouths and screwed things up.
"Home resales have fallen steadily, prices have flattened and mortgage delinquency rates have risen especially in red-hot markets, where prices rose higher and fell harder, creating more delinquency risks."
If we take a look at the top 5 markets, notice Detroit and Flint, Michigan (Represent!) are listed. Detroit was a party to this huge real estate bubble? Flint was a "red hot" market?
Not hardly.
The statement that "house resales have fallen, prices have flattened" are not plausible reasons why delinquency rates increase. House values drop 10% and suddenly people are going delinquent? I’m not an economist but I’ll take a stab in the dark here. Maybe it has something to do with ARM’s and interest rates?
And who edited this statement: "mortgage delinquency rates have risen, where prices rose higher and fell harder, creating more delinquency risks."? What in the world is that? That’s like saying "Heart attack rates have risen thereby creating more heart attack risks."
I are smart.
It’s nice to know that if I had dropped out of high school, I could have found work as a newspaper editor.
Maybe the WSJ uses the same editor Donald Trump uses.
I’m being too negative. Let’s be more positive.
If your belief is "Investors buy when the market goes down." then search no further than Detroit. Where else can one buy a 6 bedroom house for $20,000?
I make no recommendation with regards to buying property in the area. Admittedly, I am biased. Here’s a picture taken the last time I left Detroit.
|
Thanks to Phoenix Real Estate Guy for the info!
If you liked that post, then try these...
Stuffed Pony on January 18th, 2007
One of my immediate objectives was to switch banks.
Shady's Back on September 6th, 2005
.
Comments
Leave a Reply
