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: MulhollandDrive who wrote (86179)	8/20/2007 11:32:43 AM
From: Snowshoe	Read Replies (1) of 306849

When we had our mid 1980s real estate bust here in Alaska, a high proportion of condo owners gave their keys back to the lenders and walked away. Once a certain percentage of owners walked away from a condo it became technically impossible to sell the individual units at any price. Several years into the property bust, vulture capitalists swooped in and snapped up a number of whole condo developments for 20%-50% of the original sales price. These were turned into apartments, and the investments became highly lucrative when the economy recovered. The removal of condos from the market helped stabilize the price of houses.

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