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: BWAC who wrote (26117)	12/17/2004 12:29:04 PM
From: John Vosilla	Read Replies (1) of 306849

You wonder if our economy is so bad these days when housing and all its related businesses are the main driver for growth. Was our new economy a mirage? Pharmaceutical sector collapse just look at Merck and Pfizer. And we manufacture very little in this country these days. Can so many be that clueless and never have seen a real estate downturn in construction or drop in values? It's not like we haven't had a bad downturn since 1973 or 1930. Personally I've seen condos drop 40% in Florida in a declining rate environment (first condo I ever bought was in 1983). I've seen RTC disposing of commercial property in the early 90's for 10-20 cents on the dollar of what they had sold for in the mid 80's top. I've seen just about every home builder bankrupt or on life support by 1992-93. I've seen tons of building lots go for pennies on the dollar at tax sales when new construction was so depressed and everyone was wiped out. And today we still have an excess of condos from the big mid 80's oil bust in Houston and Dallas where prices still are way below where they were over 20 years ago.

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