Dr. Housing Bubble 07/12/09

Westside Los Angeles: The Ultimate Prime and Stagnant Real Estate Market. Comparing March and May 2009 Data. Gear up for the Foreclosure Storm. $17.5 Million Foreclosures happen when you let WaMu and BofA Play Together. Digging into the Housing Shade of Palms.

The Westside of Los Angeles is the perfect region for real estate neurosis. Bubbles play on human nature’s manic tendencies and nothing is more volatile than real estate in the Westside of Los Angeles. I’ve written a couple of pieces highlighting homes in Culver City and Santa Monica and discussed why these regions are prime candidates for the destruction that the Alt-A and option ARM tsunami will unleash later in 2009 and 2010. Just to give you a perspective, in May only 219 homes sold in the Westside of Los Angeles while the entire county had 6,521 homes sold. The 29 zip codes that make up the Westside of L.A. make up only 3.3 percent of all total sales for the county but there are probably more per capita articles written on this region than any other. Call it the “MTV Cribs” obsession.

Now in this article, I want to examine data from March of 2009 and compare it to data from May of 2009. I will also pull up current MLS data and distressed property information to show how a silent tsunami is building up in these areas that many people seem to be in denial with. California with a $26.3 billion deficit and pumping out IOUs, yet some people still think that their region is locked in a tiny silo that protects their pseudo housing wealth. Some people are still in the mania phase of the bubble, (as hard as that it to believe). Let us first examine data from March:



http://www.doctorhousingbubble.com/westside-los-angeles-the-ultimate-prime-and-stagnant-real-estate-market-comparing-march-and-may-2009-data-gear-up-for-the-foreclosure-storm-175-million-foreclosures-happen-when-you-let-wamu/