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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: JoanP who wrote (386)8/28/2001 1:28:05 PM
From: SouthFloridaGuyRead Replies (2) of 306849
 
Joan, quite frankly your situation is irrelevant because it doesn't exemplify the situation faced by most Americans. Good for you that you have done well in Real Estate.

The fact of the matter is, if you were 20 years younger and purchasing your house at the end of a boom as opposed to a the beginning of one, what would you do?

If you were a manager at an Internet/Telecom/Storage/Semiconductor, type firm or a Junior Banker at Goldman Sachs or Morgan Stanley and you were either a) about to lose your 150-250k a year job or b) fired and forced to take on a job which is paying you 30% less, and your mortgage payments were now unafforable because you put a 10% downpayment on a 750K condo or house, what would you do? The fact is you wouldn't be able to do anything.

This situation might not apply to you, but it applies to MANY of the people who have been the catalyst for the boom and these are the ones who will force property prices down.
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