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Pastimes : Is a Real Estate Downturn Coming? -- Ignore unavailable to you. Want to Upgrade?

To: Gary Payton who wrote (50)	6/28/2001 9:07:34 PM
From: J Gunn	Respond to of 91

My, my, my! Haven't you ever been caught in a real estate slump. Both of my brothers in Alaska had to sell their homes at a loss. My father bought a home in 1980 at the top of the market and last year it finally appraised for what it was worth. Not every market is like the Hampton's. Portland, Oregon went through a real estate crunch in the early 80's and in 1988, homes were still selling below cost. The 1550 square foot condo we sold in Walnut Creek, CA for $180,000 is now selling for $450,000. We paid $69,900 for it in 1976. But in 1983, recent buyer's with 5 year balloon payments were selling below cost. The NASDAQ is not the only "bubble" that can burst.