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

To: cooksbay95 who wrote (8265)	1/20/2003 8:19:15 PM
From: J. P.	Respond to of 306849

<<Not a good sign! >> The fun is only starting. A mortgage consultant friend of mine told me today there are a lot of foreclosures happening in the 750K and up range here in the western suburbs of Chicago.

To: cooksbay95 who wrote (8265)	1/20/2003 9:26:21 PM
From: patron_anejo_por_favor	Respond to of 306849

More data points: I was driving through one of the tonier areas of the Phoenix metro area yesterday (Invergordon Rd, between Camelback and Lincoln and immediately adjacent to the Phoenician). The east side of Invergordon was absolutely infested with "For Sale" signs...it was practically every other home or lot! These are homes in the 850K and up range, I detected more than a bit of panic there....<NG>

To: cooksbay95 who wrote (8265)	1/21/2003 5:15:18 AM
From: MoneyPenny	Respond to of 306849

My guess is the second home market will continue to shrivel for a while. Realtor referrals are the mother's milk of my business (interior design) and it is continuing to shrink. One realtor who hasn't had a sale since summer has been advising some of her listings to remove their homes from the market if they can afford to do so. One area of an extremely "hot" area, The Brooks, had about 70%or more of homes listed in one of their divisions: all resales, bought in the last two years. These are in the can't miss price range of 350-700k. I have a client who lives in this area who is very worried as he is trading up in a big way and doesn't want to be saddled with the older home when he moves. Realtor said wait until spring. Too many homes, not enough lookers. The only sales going through, as far as I can see, are people who have sold their northern home and are declaring domicile here (can't lose your home, no matter how ostentatious, in bankruptcy) and opportunistic investors who are swooping in to buy lots of condos in Naples highrises. (taking advantage of a problem WCI had in some of its towers). OTOH, I had lunch in the Third St. South area yesterday and it was packed (holiday of course), but there were few shopping bags and some of the shops had very poor inventory for "Season". MoneyPenny