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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who wrote (846)9/18/2001 6:53:32 PM
From: TradeliteRead Replies (1) of 306849
 
Patron, thanks for posting the Marketwatch story...I used to read that site all the time but gave it up, along with giving up watching CNBC except in the early morning before the market opens. When in a trading mode, I try to watch the trading...not the verbiage that talking heads produce.

I do believe real estate sales will decline as a result of the general psychology prevalent in the U.S. right now--psychology is definitely NOT good. However, there is still a sold sign on the 7-figure home across the street and trucks by the bazillions appear there every day to presumably "fix up" an already-nice home for the new owners. Do wonder how that home sale would have fared if it had taken place BEFORE the terrorist attacks.

My thoughts also extend to the WTC disaster----buildings destroyed, but the land is still there for future use, and the buildings will be covered by insurance/reinsurance companies. Land is really what we buy and take the risk on when we buy real estate. Any improvements (buildings) on the land are truly secondary.

Now, we get to the real strange part---the fact that insurance companies get stronger after these debacles. Note how one of the reinsurers of WTC did today: ORH (Odyssey). It was in the green.

The conventional wisdom on Wall Street is that insurance companies not only experience increased demand for their products after such disasters, but they also get to charge more for insurance, raising their profits.

Go figure.
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