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Politics : Politics for Pros- moderated
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To: Bearcatbob who wrote (232422)12/23/2007 6:11:19 PM
From: quehubo  Read Replies (5) of 794396
 
People hope this housing debacle turns around over night. My first home I bought in NJ in 1991 post bubble burst, at what was reported as close to the bottom of the market. 8 years later I sold it for a small loss.

I bought a condo right after this sale. I went to a tax assessment meeting with the town. The room was full of people who bought in the bubble many years ago with condo's having market values far below their mortgage principle.

This was I assume a time when at least 10% was required down and 5-10 years of payments were completed.

5 years later I sold the condo for 200% gain. But the lesson is that after a bubble bursts it can take a very long time for the market to clear, stabilize and then increase in value.

I suspect many regions will be down to flat for many years.
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