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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: MeDroogies who wrote (5598)	7/4/2001 11:46:05 PM
From: Dave	Read Replies (2) \| Respond to of 74559

Bubble on the west coast? I can see that. Yes, I live near the San Francisco Bay Area. We bought our house two years ago, and it has nearly doubled in value since then. We put the house on the market two months ago, hoping to cash in before it's too late, and NOTHING! The local real estate market has very suddenly just dried up and disappeared. There are lots more listings, and lots fewer sales, than there were just a few months ago, and this is supposed to be the hot real estate season. Compared to last year, sales have stopped. The bubble is over. But people are still refinancing in record numbers, and the interesting thing is (I don't have the URL handy) that they are refinancing with BIGGER principals than before, and often at HIGHER interest rates. Most of these people have money in the stock market, so essentially they are getting second mortgages to gamble that this stock-market dead-cat bounce is really the Next New Era. Keep your crash helmets securely fastened! Dave