ROFLMAO.........can't.......stop.........laughing......... seriously bro, that may be the funniest quip i've heard in months....... bravo good sir, bravo.....
Ok, my response to that is...since when were San Diego, or those parts of Florida, or Vegas ever a barometer of the general housing market? Would you say your neighbor's town house was typical of the general market at any time? If not, then can you really use it to try to predict the downside of the national market? Folks in from these areas think that the market revolves around them, and granted they are big population areas where the story is the most sensationalist, but they just aren't the general market and tend to amplify what the market does in both directions. SM
The fattest poor people and the dumbest with toys procured with financiamos when they cant even pay for their bowling ball on time. Only in America. Soon to be Amerika, Comrade.
There is no "general market". Housing exploded in some parts of the country and narely a whisper in others. The effect is averaged and certainly impacts the entire economy regardless if one county or another came out unscathed.
I agree with the housing in certain areas. Currently, in the TEXAS are, levels are stable. They have become stagnet in San Antonio as 2008 price levels are now the same as 2007. However, there is a market for homes between 100 -200 and between 300 and 400. Everything above 400 has stoped. I have a land deal for 15.3 acres on contract and should close in 60 days. This is unimproved acreage @ 1.3 million. Was listed at 1.5 but we got it down to 1.3. It's in the Boerne Tx area, where land values are rising fast. Austin is still strong and they are moving houses in the 300/400 range. Houston is stable as is Dallas. So, the RE is "Regional" for now. Things could change. I spoke with a friend in Scottsdale, he said not the prices are back to 2003 levels. He owns a mortgage company and say's he can't refi many because they have negitive or Zero equity in their homes. So, I think RE is "Local" for now. However, the economy is definitly fucked. Yet, cities with very few "BANKING/FINANCIAL CENTERS" will not be feel much of the pain of the coming layoffs in that sector. Oil Prices and Jobs. These are the top two key issues. The rest means nothing to the SHEEOPLE. We will have to stand by and see what happens the next two quarters. Doom and Gloom may be a few years off.
How about NYC? I always hear this "well, New York City doesnt follow the rest of the country, we are unique" talk. I would expect a decent amount of layoffs and real estate to be affected just like anywhere else but it seems like everyone I talk to thinks New York is immune. Some of it is elitist and I'm sure some of it is true, NYC is pretty unique. But with a ton of financial jobs swinging in the wind, I have to feel like a storm is coming for NYC RE. Thoughts?
In 10 months we will look back and say we should of bought up the bargain stocks and houses. This is america there will always be money to be made . We had 7 good years you must expect a few bad years .
http://money.cnn.com/2008/03/14/new...rime.fortune/index.htm?postversion=2008031705 From the article.... Q- How bad is the mortgage crisis going to get? A- What started in subprime is likely to continue cascading into the markets and keep the economy down until 2010, economist Paul Krugman forecasts. Bottom line for homeowners: An average drop of 25%........