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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: mishedlo who wrote (58903)8/4/2006 10:47:45 AM
From: Don EarlRead Replies (3) of 306849
 
RE: "Costs may be up but prices fell. It happened and is still happening."

Other than localized anecdotal accounts along those lines, I don't see anything to support that theory. Most of the articles are so hopelessly slanted as to be totally worthless for any kind of serious analysis.

Weather has a huge impact on building activity from month to month. Price increases tend to cause spec builders to shift their focus to lower cost homes to hit the sweet spot where the average buyer will still qualify for a loan.

In a hot market sellers tend to get too proud of their beat up shacks and list at prices the market won't support, which creates an overhead of unsaleable homes. You get this constant flood of half witted anecdotal accounts where stupid went in a hundred grand over market, then after sitting on his dump for a year, reality sets in. Once stupid is market to market, the dump moves in a matter of weeks. A feather headed analyst at the WSJ is then more than happy to quote stupid crying the blues about how he couldn't sell his dump for more than it was worth.

When you can show me the numbers where property taxes are going down because property values are going down, and that's it's something other than a strictly localized event, you might have something.
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