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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: John Vosilla who wrote (104555)8/21/2009 4:29:38 PM
From: Elroy Jetson  Read Replies (1) of 110194
 
In Florida you're ahead of us.

Not much to do in real estate here in Los Angeles, unless you want to participate in the hinterlands. Not enough REOs are hitting the central core market yet. When they're offered, they remain on the market for a few months and finally sell well below prior sales.

Home prices continue to decline with more sales in more affluent areas because the prices are finally falling. This ironically raises the "median sales price" in Los Angeles providing the LA Times with a hopeful headline.

Rents are falling fast as people leave town, double-up, move to less expensive areas, and there's that constant stream of new apartment and condo buildings being dumped on the market, although all at above market prices. But the empty projects sort sit there looming with menace. The new apartment buildings have some tenants who almost always turn out to be new arrivals to Los Angeles who saw the flags and signs on the building. After six months they move into nicer and less expensive digs.

In the interim the stock market has been amusing and profitable. If you look at a local REIT like Kilroy, KRC, you see we must have had a recovery in real estate prices for three weeks, that ended two weeks ago.
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