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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: James M. Belin	12/21/2005 10:49:17 PM
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To All: An update on the Phoenix resident who owns 38-40 homes in Phoenix, Boise, Las Vegas, and Colorado Springs. He admits that the Phoenix real estate market is slowing. However, he resists the idea of selling any properties because he feels that Phoenix homes will appreciate 10% in calendar year 2006 and much more than that in calendar year 2007. This person told me that he is no longer an active buyer in the Phoenix market. But he is adding to his empire through recent purchases of residential properties in Salt Lake City/Park City and Austin, Texas. Overall, the facts of the slowing down in the Phoenix market are becoming more apparent to me every day. In my neighborhood, a couple who owned their house free and clear just cut the selling price $50,000 in order to move the house. The house did sell, and I am waiting to see whether the final selling price even entailed a larger cut in price. What truly amazes me is how bullish most Phoenix residents continue to be about future appreciation in Phoenix real estate. Jim

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