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 (18397)	3/10/2004 11:13:40 AM
From: Elroy Jetson	Read Replies (1) of 306849

From my experience in California, when you see remodel jobs covered in plastic sheeting for months, you would be amazed how often the actual problem is a home owner who has run out of money. In other words they were acting as their own general contractor and didn't estimate job costs correctly. I know one person who purchased a home four years ago and still has not moved in. For what he has done so far, in hindsight he would have been better off, by a factor of three, tearing down the existing home and building a new home. Currently in Los Angeles, the value of the house is a very small portion of the purchase price.

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