Mish's Global Economic Trend Analysis Message Board

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

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To: regli who wrote (33491)	7/11/2005 1:35:27 AM
From: mishedlo	Read Replies (2) of 116555

Report from Santa Monica bubbleland by Miro on the FOOL DW and I visited three open houses today just to get a feel for what's going on the area. At two of them we were the only people there and at one only 4 other people had walked through after two hours of the open house. Observations: Just reduced from $969k to $925k (this had four prospective buyers walk by the time we came showed up) Another house had fallen out of escrow three weeks before ($1.25m). Agent quote, "I can't believe no one's bought this house." Another was a trust conservatorship sale with escrow having fallen through a week before because the buyer's own house had fallen out of escrow. Realtor said there was room for negotiation. ($1.05m) The agents seemed genuinely discouraged. It has definitely slowed down around here. miro

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