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To: George Burdell who wrote (12208)6/3/2003 12:08:34 PM
From: Vegas  Read Replies (1) | Respond to of 48461
 
George I agree. Here in Northern NJ, we saw house prices go up 50-100% in the last 2 years.

You'd be lucky to find a 3 bedroom fixer upper that is 20-30 years old for under $250,000 in most areas.

I begged my wife to sell our house (take profits!) and move across the border to PA. Our house in NJ is close to double the cost of the same house in PA.



To: George Burdell who wrote (12208)6/3/2003 12:56:39 PM
From: Bucky Katt  Read Replies (1) | Respond to of 48461
 
Yes, the housing sector is a liquidity driven bubble that cannot be sustained at the current levels of valuation.

I keep hearing Uncle Alan spout off about deflation, and I can say without hesitation, if people become upside down on their mortgages, look out below....
Of course, the FED and will do everything they can to keep the bubble going..

The sad thing is what happens to the consumer when he runs out of things to borrow against?


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