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Gold/Mining/Energy : Gold Price Monitor
GDXJ 117.34+3.7%Jan 5 4:00 PM EST
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To: Square_Dealings who wrote (84698)5/7/2002 7:02:09 AM
From: long-gone   of 116842
 
Rumor Mill News Reading Room Forum

REAL ESTATE BUBBLE and DELIRIOUS DEBT SPIRAL

Posted By: Rosalinda
Date: Sunday, 5 May 2002, 9:03 p.m.

FEARS OF `MELTDOWN' OF WASHINGTON-AREA R.

Two articles on what is called the "housing bubble"
in the Washington area are featured in April 4 Washington Post Real Estate section.

One article reports that home prices in the area
seem to be "tipping dangerously out of balance."

Average house prices nationwide are about 2.6 times average household income;
in the '88-89 bubble, it reached 3.5;
but in Washington area, it is 4.

"People are being priced out of houses. It's that simple,"
says one local real estate agent. Other agents report
that people are buying houses for 15% to 20% above
what other properties in the area have recently sold for ("comps").

"It does scare me," says an agent.
"When you pay 20 percent more than the comps,
you could be left holding the bag in a big way."
(cont)
rumormillnews.net
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