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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (78276)	6/13/2002 10:50:12 AM
From: morokko65	Read Replies (3) \| Respond to of 99280

OT George: RE California Real Estate I manage a foreclosure dept for a national lender based i northern CA. The cracks are starting to appear... Give it 6-9 months before the dam breaks here. A spike in short term rates and delinquencies will scare lenders into tightening underwriting, which will ultimately reduce the pool of qualified buyers (or greater fools willing to pay $500K+ for a 1400 sf home)

To: Crimson Ghost who wrote (78276)	6/13/2002 10:50:59 AM
From: jjstingray	Respond to of 99280

Poor guy. I remember the late 80's. I was living in Manhattan Beach, CA. All the developers thought the same thing and kept leveraging themselves to more property. Nobody ever thought the market would get soft. Then the bottom fell out. I think we are in the same market, just waiting for a fall.

To: Crimson Ghost who wrote (78276)	6/13/2002 11:01:30 AM
From: augieboo	Read Replies (1) \| Respond to of 99280

George, speaking as a California native, I say your friend is sadly deluded. Tell him to ask a few people out here about the 1989-1990 real estate market. Hint: There was a gigantic "POP" heard all over the state, followed by a prolonged hissing sound. The good news is, the market is up well above the last post-crash lows. The bad news is, your friend will be looking at five to ten years of dead money before he can recoup. Of course, maybe this time will be different. Maybe the market really will keep going up forever. And maybe someday monkeys will fly out of my backside...