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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tejek who wrote (173890)12/27/2008 6:26:02 PM
From: Live2SailRead Replies (1) of 306849
 
For ever, until now, it was said that real estate was local. And that was true. What has changed in the last ten years is that finance has gone from local to global. If the world doesn't want to finance houses, then the money for homes in L.A. will have to be cash that the locals have. Do the locals have that cash?

That's really the difference between then and now. It's more than just jobs, the access to money has been greatly reduced.
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