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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (36520)	11/12/2000 9:56:55 AM
From: KeepItSimple	Respond to of 436258

>Any sign of weakness in Bay Area real estate yet? I'm thinking a lot >of those folks who borrowed against stock option equity are on the >verge of foreclosure...<NG> If you only knew. I won't discuss any of my friends who are in trouble, since I consider that sort of thing private. But what I will tell you is that I've seen more "for sale" and "for rent" signs sprouting up all over the city than I have in the last 3 years. Several very nice homes are for sale on my block, and they've been for sale for over 2 months. Back during the mania, houses would stay on the market for 1 or 2 days, tops. It's really getting bad- most people are a couple payments away from foreclosure. There is a lag effect- most people have a "emergency" cash fund that they can tap, but they're just putting off the inevitable. Throw in a ton of layoffs at these ridiculous dot.coms, and not only are people's stock options worthless, they're flat broke and out of a job. Personally I think in 6 months or so there will be some GREAT real estate deals out here. But not until prices have dropped 75 percent. You see, NOBODY can afford to live here at current prices unless they're in the dot.com industry. The artists and musicians have already left.

To: patron_anejo_por_favor who wrote (36520)	11/12/2000 5:31:36 PM
From: chic_hearne	Read Replies (2) \| Respond to of 436258

Any sign of weakness in Bay Area real estate yet? I'm thinking a lot of those folks who borrowed against stock option equity are on the verge of foreclosure...<NG> I remember before we talked about selling our houses now and buying them back for half price in a few years from some bankrupt Clown. I'm starting to sweat because I haven't done anything yet. There's only two industries in my town, IBM and Mayo hospital. IBM stock alone will probably give some tough love to the real estate market here. Not sure about the hospital because those people make money regardless of the economy, but a Gore victory could really mess up salaries from what I've been told by a few doctors I know. I haven't checked real estate prices in the last few months, but I'd have to think they are going sideways or down.