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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: David Jones who wrote (965)10/29/2001 5:08:39 PM
From: J. P.Read Replies (1) of 306849
 
It's interesting to me that sales are weakening in parallel to the most aggressive series of rate cuts ever. When interest rates creep back up we may see the weakening. Or can interest rates go lower forever? OR is it different this time and the price of houses no longer cares about interest rates? I may be biased because the Chicago market remains very very strong and very expensive. In my area 3/2 ranch houses start at 500k. In South Carolina or Alabama I can pay cash for the same house for 75k.

The people charging 500k for a ranch house here paid 250k for the house 4 years ago and the prices keep going up. Lots of the big companies in this area Chicago are laying off people, Lucent, Motorola, United Airlines, TellLabs, etc., we're talking 100,000's of people, but there's still no letup in the price of houses. I'm thinking people are refinancing and living off their housing equity??

Maybe it's just wishful thinking on my part that these ridiculous prices in the Chicago area will let up because I'm going to buy a house, I don't have a very good history of predicting any market moves with any precision. So if I think the prices will fall, they will likely move up strongly!
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