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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: orkrious who wrote (1226)	3/4/2004 6:03:45 PM
From: TH	Read Replies (1) of 116555

orkrious, People laugh when I tell them I want to sell my Royal Oak home (modest) and rent for a year. My broker has told me there is a huge inventory of homes in the $350,000 plus range. Still, land is still moving briskly. I recently flipped a piece in 48 days (from date bought to sold, with only 8 days of marketing), and was writing an offer to buy on another piece that sold within 2 hours of listing. We have a dozens of residential projects in my older neighborhood. They are starting to tear down the small ranches and bugalow with over-sized lots and put two McMansions on the cleared lot. Still the slowdown of sales of existing home indicates its getting very soft in our area, and I'll be watching close this spring to see if it improves or continues the slide. Gone are the days when houses in Royal Oak sold in 10 days or less. Lots of people tell me that XYZ stock or fund looks to make a new high, so I agree that this is going to end badly. My GM buddies tell me things are great and I should load up. The buddies are Ford are not so confident or bold. TH

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