Libby,
Yes, I think there are many who own their home free and clear but there's a whole lot more living from mortgage payment to mortgage payment, way beyond their means, saddled with too much debt that will sink them as soon as one of the wage earners stops earning wages and the unemployment runs out. That's one kind of personal speculation, and it only involves the family castle. Many others have been speculating with multiple homes, trading up and out (to more square footage, more taxes and more utilities--hmm, did I mention utilities?), again, beyond their ability to service the payments responsibly in the best of times.
I think the advent of so many free real estate seminars and the turning of cocktail- and dinner-party talk to nonstop real estate is indicative that we are there.
As for areas where there will always be high demand, I dunno. As the internet spreads us out and evens out the odds, I see little or no reason to ever live in a major metropolitan area. Or a minor metro area. Give me a reasonably sized college town and I'm happy City cores have been hollowed out (been to Philadelphia lately? Blecch), and I think the major metro areas are next--cities and suburbs. Why live in the greater Chicago area when you can live in New Mexico or Colorado?
Kb |
