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

To: MSI who wrote (9031)	2/18/2003 11:17:22 PM
From: TobagoJack	Read Replies (2) \| Respond to of 306849

Hi MSI, I forgot to mention: (a) we have no social security pension/social transfer programs other than for the very destitute (b) folks are expected to save, invest, buy annuity policies, and (c) real estate is priced high, even after 60% drop (from 1997 peak) still at USD 500-1000 per sq foot gross (d) HKD/USD mortgage rate is monthly adjusted, currently at 3%. Due to banking sophistication, one can borrow secured loans in just about any currency. Yen loan at less than 1.5%. (e) economic pain is being absorbed by the masses, with 20-30% cut in income common, many via reverse dutch auction on compensation by business owners for their employees. Chugs, Jay