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To: Tony Viola who wrote (163255)12/15/2000 9:43:54 PM
From: Skeeter Bug  Read Replies (1) | Respond to of 176387
 
tony, you have some very valid point. i'm not thinking so much in % terms. i'm thinking absolute terms. caveat emptor is the term buyers ought to contemplate, imho.

a 3 year reverse in bay area real estate would be DEVASTATING. giving back much more than 3 years of gains has happened in the past.

collapse? if the naz hits fair value i think it is a possibility to see 50% declines in many higher end homes. i'm talking naz 1.2 - 1.5k and sticking for some time.



To: Tony Viola who wrote (163255)12/15/2000 11:26:42 PM
From: mepci  Respond to of 176387
 
Tony: I think you are right. Moving up with equity is the same formula most homeowners used for ages. But the collapse always happen because of a few bad apples. It doesn't take much to lose 25% of income and not able to meet mortgage payment. If that happens to 10% of the upper middle class, takes will rolling down the hill.
I could have bought Liberace's 2 lots on top of Mt. Olympus at $70k each in 1974. I bet they are worth a $1m each now.


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