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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (14150)10/4/2003 2:54:00 PM
From: Elroy JetsonRead Replies (1) of 306849
 
History books show real estate holdings purchased before the Great Depression generally wiped out their owners. In many regions of the country, rents were less than property taxes. Even in the economically strongest areas, like Los Angeles, the Appraisal Institute indexes show rents declined 46% while home prices declined a whopping 68%.

My newly married grandparents purchased a lovely home in the Hancock Park area of Los Angeles in 1932 for 90% less than the previous owner had paid in 1928.

People who purchased gold before the Great Depression did well - that is until 1933 when FDR made gold ownership illegal.

Those who purchased real estate at the bottom of the Great Depression did well if they could maintain the property tax payments. Speculators who purchased rental property prior to about 1938 usually wiped out unless they had very deep pockets.

As might be expected, Tradelite spent his time during history class "Whistling Dixie" while others were tending to their studies.
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