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: Tradelite who wrote (11827)	7/28/2003 5:23:38 PM
From: Micawber	Read Replies (2) of 306849

In my area, (200 yr. old town in northeast)builders are paying $300 to $400k for 50 year old houses on quarter acre lots, tearing them down, building big ugly vinyl boxes, and selling them for $800k. People are buying existing homes and selling them in a year at 25% markups. All anyone talks about at parties is the real estate market. Average prices are increasing 10 to 15% per year for the past 3 years. Multi-family property prices disconnected with all reality years ago. The fundamentals make no sense whatsoever. The numbers are silly, and it simply can't keep up this pace forever. I would hate to get caught when the music stops, and it will stop. Good luck to you.

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