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Analyst sees ‘ghost town’ in Inland Empire
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Los Angeles Times
June 3, 2008
A financial analyst fresh from a tour of construction sites in the Inland Empire is warning Wall Street of a “ghost town” where finished homes sit vacant and additional homes are still under construction.
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“At several properties, there were a significant number of fully built homes sitting vacant along with a large number of additional homes still under construction,” Sandler O’Neill & Partners analyst Aaron Deer wrote today after touring developments in Corona and Ontario. “At one master plan community, the entire development appeared to be vacant — with the exception of crews working on new construction, it was a ghost town.”
Median home prices in both communities have dropped sharply over the last year, declining 33.6% in Corona and 30.3% in Ontario, according to DataQuick Information Systems. In Corona, the median sales price fell nearly $200,000 from May 2007 to May 2008, dropping from $565,000 to $375,000.
More from Deer’s note: “The homes all appeared to be empty, and there were no prospective buyers anywhere to be found. Surprisingly, the sales office was open … but the woman working there had questionable English fluency. When asked how many homes had been sold in the past month she simply responded, ‘Uh huh. Thank you. Yes!’ and handed us some additional literature on the property.”
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July 3rd, 2008 at 11:21 am
Die, Mexifornia Die!
July 3rd, 2008 at 11:34 am
Sadly, this scenario is going to be happening alot more this year. The greedy fat bankers can then fight over all the empty houses.
July 3rd, 2008 at 11:53 am
Check out http://www.documentarywire.com to watch 100’s of documentaries for free!
July 3rd, 2008 at 12:13 pm
Now, picture this, a ghost town with hundreds of people / families standing outside the gate looking in but unable and prohibited to enter.
Better to let the people perish than to put them into homes they can’t pay for, right? WRONG!!!
http://www.theamericanvoice.com
July 3rd, 2008 at 12:17 pm
Bwahahahahahahah!!!!
July 3rd, 2008 at 12:21 pm
thats what im saying Renegade…
July 3rd, 2008 at 12:39 pm
FUCK THEM SELL YOUR HOUSE AND JUST STAY THERE UNTIL THE COPS KICK YOU OUT OR IT IS SOLD TO SOMEONE ELSE THEN JUST FIND A NEW EMPTY HOUSE TO LIVE IN.
July 3rd, 2008 at 1:04 pm
The price of ignorance is very high. Did people really think that the housing bubble would go on forever? What a bunch of dopes.
July 3rd, 2008 at 1:09 pm
they will continue to build, because these houses and communities were not ment for US, they are ment for the elite who live in europe and the sand box called the middle east,they are over crowded and AMERICA has PLENTY of space for the JEWSCHINESE>BRITISH,ya know ELITES
July 3rd, 2008 at 1:19 pm
Creating money out of thin air and loaning it at interest is fraud. The rules surrounding the loaning of money requires that the Mortgage Co. or Bank (whoever), come to the table with real money that exposes them to some reasonable risk. The whole banking industry in the U.S.A. and other countries is a fraud against “WE THE PEOPLE”. They confiscated over the last 75 years all the real money with intrinsic value (gold, silver) and gave us worthless paper that they charge us interest on (income tax, user fee) to use. It is a total fraud.
July 3rd, 2008 at 1:20 pm
reeferkeefer—– You are right on the money! Thats exactly the way I saw it coming down. I wish there was a way to find out just who is buying these houses. My money is it would be foriegn elitists. As bad as its gonna get, I hear that Amerikah will be the safest place for them bastards.
July 3rd, 2008 at 1:41 pm
well what do expect to happen when home price were way unafforadable to begain with im no analyst and i could have told you that housing was gonna fall apart real fast i mean when a fixer upper cost $475,000 in LA and IE thats like $3500 a month with taxes and PMI being paid. I mean did every one think that they made $12000 a month or what but hey for every stupid person that did they made it easier for me to come up on house cheaper than they were in 1993-1996
July 3rd, 2008 at 1:56 pm
Hey guys, if you’re from Korea you now get a Green Card with the purchase of a home for 250K, if your Chinese a home and Green Card will cost 375K
They’re selling our country and this explains her “limited English”
July 3rd, 2008 at 2:23 pm
thanks roaddog your right on with what you say on other topics too,ive been watching your posts and there VERY true,and we need more dudes like you,they are STILL building here in missouri,but no one is buying,and that raises RED flags in my mind,why would constuction companies go into the RED like that if they didnt know something before hand,CUZ its total spaculation to think the market will rebound,but thats the retorick that is driving this madness
July 3rd, 2008 at 4:06 pm
I live in the Denver area. Though not as bad as California, home prices and sales are dropping; yet, building of new homes continue unabated. Crazy!!
July 3rd, 2008 at 5:35 pm
when the shit does hit the fan im moving into one of these nice big fucking houses and just sit back roll a blunt and laugh,fuck it ill probably live in two of em,BA BA BA im loving it.(mcdonalds)lol.
July 3rd, 2008 at 5:59 pm
Well, the reason the woman had “questionable” fluency was because the company is not making much money (due to the buying of foreclosed homes by all potential buyers; not new homes) and so the company needed “cheep labor” which meant paying a new-US-citizen who would work for cheep and based on the sentence structure of her reply, I’d assume she spoke Spanish (not Chinese.) Since I live in Rancho Cucamonga, CA (where it’s the quintessential middle-class) I know that the people here are usually the last people to complain about being affected by anything economic, but yet have a sort of bubbling-up of anger/disillusionment within them, making them the perfect people for such actions as staying within our homes till someone forces us out or even taking up abode within a vacant home till someone kicks us out. It is interesting though, since we are quintessential family people (think suburban middle-class) and are not ones to riot, but may “force someone’s hand” an example are the “BushVilles” (cit. EIR) or Tent-cites which have been springing up all over the IE and LA. The way to think of these people is to instead of thinking about them like sheep but more like very-domesticated dogs, and pups, being cast out of the home. As a side note, I don’t think this fervent house building is orchestrated specifically by the NWO, due to lack of documentation of such, but is caused because the workers of these jobs make up a lot of the people in the IE and so they need the work to keep functioning even if there are no buyers and a lot of this housing had been planned a long time ago, when the economy was better.
July 3rd, 2008 at 6:29 pm
#18 st.george you missed the point ,YES they need to work but who are they building these houses for,and do you really think the constuction company can just “eat”their profits,if you dont have any future sales you are runnning your business in the RED,if you continue to pay laboror,but dont sell your products,ITS COMMON SENSE,and ive been to the rancho KOOKOmongo,its a bunch of yuppies,with RICHIE RICHness
July 3rd, 2008 at 7:27 pm
To #19 reefer: That was just a side-note; anyway, did I say that this continuing construction was alright? Nope, in fact this could only be brought about through illogical thinking or wrong information being consumed by the building companies. I’d imagine many heads of these companies do believe that the economy will come around and even deny any future financial crash at all, just a few months ago there were news reports that the IE was the fastest growing market and plenty of builders ate that up. Plenty of companies are running “in the red” but, likewise with building companies, they are not fully stopping and specifically in the case of these building companies, they might have contracts for a certain number of houses to be built. Yes there are many companies, including the housing, that are covering their eyes while running into a wall, but the point is that they are covering their eyes, plus don’t read from such sites as this…
July 3rd, 2008 at 7:38 pm
sorry if i assumed to much ,you do live in a rich place though,nothing wrong with that,at least your “eyes are open”,if i say anything offensive it is because we need to get as much attention as possible,even if someones feelings are hurt!have a good day though my little brother lives in san clemente,so cal is nice
July 3rd, 2008 at 10:52 pm
You know the central bankers want to kill us off bad, and quick…. because they really didn’t dumb us all down quite quick enough, so many of us know what’s up with the NWO….. I mean, I really can’t imagine anymore ‘bubbles’ left up their sleeves…
July 4th, 2008 at 1:14 am
You can still make profits from this. Sadly most will not though. All you have to do is sell your current home if its worth a decent amount. Purchase a smaller home for a LOT less. You can pay off your debt and then you probably will have some extra money left. Sell everything you dont really need. Extra cars , boats , furnitures etc. Keep only a little bit. Sell anything that is worth any money. Now you should have a lot of money. Use that money to purchase supplies for martial law. Buy guns seed etc. Spend the bulk of that money on farmland. Buy as much farmland AWAY from towns or cities. Keep it about 5 mile away from city limits at least. Fortify your land and make it fenced and self sustainable. Do that and you will be better off than most.
July 4th, 2008 at 1:23 am
REEFERKEEPER
I usually dont listen to potheads but you sound pretty samrt and I like what you have to say.
Keep up the good posts.
July 4th, 2008 at 3:56 am
i live in corona california and riverside is right next door and i gotta tell you its worse then this article lets on just a few years ago the housing industry in corona california was booming now when i drive down six street nothing but empty houses and going through riverside you see a condominium ‘ MelRose Place ‘ Completely empty and un finished just empty wooden structures
July 4th, 2008 at 11:59 am
thanks, but my name is KEEFE not KEEPer but that was probably typo,no problem,you make sense #23 get out of the city get a victory garden going,and you can sell your extra food to the nomadic SHEEOPLE,that will be wandering looking for a sheapard,they will buy for any price $$$$$$$,im going to be selling potatoes for exchange for little virgins,JK LOL!the virgin part,(maybe,i just thought of that one)