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

To: bozwood who wrote (16069)	1/15/2004 7:11:40 PM
From: Tradelite	Read Replies (3) \| Respond to of 306849

<<You argue generalities when another person argues specifics.>> That's hilarious, boz. I'm still waiting for a specific answer to my specific, original question about the specific statement posted on this thread today that real estate in the DC area is "overvalued" by a very specific range of 35-40 percent. The only way to discuss property values is to discuss specifics, not to deliver rants about the market, or complain that house prices are outstripping median incomes. The specific fact as evidenced by real estate activity is that somebody has the money and the desire to buy those houses at current prices, regardless of median incomes in the U.S. This country is full of people who don't own houses and will never be able to or don't aspire to, based on their income levels. It is also a very obvious fact that many others have plenty of money to exercise their desire to own. These individuals are setting the current prices, as they have always done. Hard to argue with reality. I suppose you would like to somehow legislate a rule that says house prices can never rise faster than median income growth? Sounds weirdly like those people who would like real estate commissions to be regulated (even though they're all over the map right now in a truly competitive marketplace), or who would like ALL real estate activity to be regulated, instead of being conducted in a free market by buyers, sellers and independent companies delivering real estate services to clients. If we're going to regulate house prices, can we also regulate the price of food, clothing, building materials and other commodities? Interesting how statistics get cited to support certain points of view, but when the statistics don't agree with some people's point of view, these people claim the stats are bogus, part of a conspiracy, politically inspired, yada yada. (A boatload of stats were cited on this thread in the past 48 hours, without any sources for the stats being given in many instances, by the way.) Are you sure your median income figures are correct?