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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (350005)9/8/2007 2:47:23 PM
From: tejek  Read Replies (1) of 1574275
 
Salt Lake City is getting weaker. I expect it to follow the national trends soon, which has me a little anxious. I'm just arranging the financing for my final push on completing my makeover of this house. I hope I have a market to sell into when I'm done.

The only way the boom turns to bust is if employment growth stops in SLC. Is that likely to happen? If not, then appreciation will slow, not stop. The media is making too big a thing about price appreciation. There are certain markets where price appreciation has stopped or gone negative. Those are in the traditionally weaker markets found in the Midwest as well as some FLA and AZ markets where there was considerable overbuilding. There are still a number of markets where things are going very well ie SLC, San Jose and Seattle, and even more markets where they are experiencing normal market conditions.

The freeze up of fixed income credit while related is a much bigger problem. And that has more to do with poor lending requirements rather than the market itself. By ignoring the minimal requirements for home purchases, lenders were able to extend the housing boom for a year or two, and now they are paying the price. The danger is that this seizing up of liquidity may well threaten the rest of the economy. We may be seeing that now with the poor employment numbers released this past week.

BTW I sold most of my portofolio on Thursday and Friday. I had too many sizeable gains from the July correction that I did not want to lose.
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