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Politics : Ask Michael Burke

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To: Terry Whitman who wrote (48512)	2/24/1999 7:28:00 AM
From: wlheatmoon	Read Replies (2) of 132070

Home inflation here in South Jersey is also appearing to be reaching a manic phase. I've been looking at homes/townhomes for about 1 year now and this past month have been unbelievable. I don't know if people want to lock in rates or what, but buyers are bidding 10-20% more than asking price and many have cash for these places. Many homes are being bidded upon by several interested buyers at one time. Where are all these people coming from and why do they have so much cash? My guess is 1) many are moving during the Spring season--nicer weather 2) locking in mortgage rates 3) sold stocks and moving? 4) moving from older homes. Inflation is alive and well here. mike

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