The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Tom Gordon who wrote (331)	8/27/2001 12:39:27 PM
From: Jim Willie CB	Read Replies (1) of 306849

highend properties are just sitting on the market the prices necessary to bring them to sale will not be known for a few months but they are extremely likely to be lower than recent sale prices how the prices paid for highend cascades to midrange will be interesting to watch price declines always start at the top this has been a very resilient sector some "experts" dont believe real estate will be hammered some excellent points appearing on this thread esp the rush to purchase while showing income I remember buying in suburban Boston in 1981 at 16% then in 2.5 yrs refinancing at 11% the prices of properties jumped real hard & fast, way up what appeared to be rather constant was cost/month to carry a mortgage I smell a flurry typical of blowoff tops low rates can sustain the RE sector for a while but eventually several factors will hurt - low saving rate - high household debt - upper limit on income - next round of layoffs (delayed by law) - discretionary sellers who join necessary sellers / Jim

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