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Strategies & Market Trends : Waiting for the big Kahuna

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To: Mark Nelson who wrote (9651)	11/13/1997 9:02:00 PM
From: Snowshoe	Read Replies (2) of 94695

Yikes! This mention of negative home-owner equity brings to mind the terrible times here in Anchorage, Alaska when oil prices crashed in the mid-eighties. Home prices began dropping rapidly in late '85, but there were no buyers. Thousands of properties were foreclosed, and it took three years to work off the glut. I bought my house in '89 for about 40% below the boom-era prices. Lower quality properties such as small condos were going for up to 70% off. In January '86 an accountant startled my by saying that 2/3 of the banks in the state would fold. It ended up being more like 3/4. I remember going into a large bank that was offering the highest CD rate in town to open an account, but I got a bad feeling and walked out. A week later they folded. For a while we joked that the banks were giving away a free house with every newly-opened account. Some friends of mine made several successive luncheon dates that were spoiled because when they got there the restaraunts had put up "out of business" signs. It was a real depression.

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