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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (959)	10/28/2001 1:28:51 PM
From: endless	Read Replies (1) \| Respond to of 306849

Most of the folks I know here in Los Angeles don't engage in home flipping as described earlier (6 mo to a year), but there is lots of speculation going on. Many people sold and bought homes in the past couple of years, took advantage of the market increase and the tax excemption on the gains and hoping to do it again shortly. (like next year when the market picks up again). Sounds like flipping to me....and next time they are thinking of downsizing.... Also, the L.A. Times had an article last week on employees not willing to relocate as much anymore. Citing a change in "mentality" of the average employee, less lucrative relocation packages offered by employers, and the view that the home they own is an investment they are not willing to give up during uncertainty. ..I wonder how many would be taking an actual loss. We renewed the lease on our house for another year. I don't know that the market is going to "tank". I don't wish this misery on people, but there is absolutely nothing that justifies the 100% increase in some of the prices. Our population did not explode in this fashion. What is wrong with folks paying this kind of money?