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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: larry who wrote (4740)8/27/2002 8:28:33 PM
From: TradeliteRead Replies (2) of 306849
 
<<Lots of people that I personally know who bought houses recently are stretching themselves to the limit. I am in my early 30s, and feel that there is a huge generation gap between us as far as spending is concerned. They can not afford to have one of the couples getting laid off. And they have heavy credit card debts and even need to pay tuition fee loan. These guys are betting on making 100 k in the next two years or so from their houses and one way bet always ends up in bad situation. I have lots of friends who live in CA and NJ suddenly found themselves in bad economic situation after either the husband or wife got laid off. Cost cutting can only help you to a certain level. If the housing prices drops significantly, and they need to relocate, they will be in trouble.>>
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Larry, this says more about your friends and their credit-happy spending habits than it does about real estate. People should not go out on a limb to buy real estate....they can get killed, no matter what the market does.

So forget the friends, look at real estate for what it is and what it does, and prosper by approaching it more carefully than your friends apparently have. (This is friendly advice from one who has nothing to gain from giving it to you--and, by the way, don't bet too much stock market money the wrong way simply because this friend-thing has colored your outlook on real estate)
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