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

To: Tradelite who wrote (18606)3/15/2004 3:00:34 PM
From: Elroy JetsonRead Replies (1) | Respond to of 306849
 
The top of the California real estate market in 1989 was marked by extremely low (almost non-existant) inventory of homes for sale with frantic over-bidding.

As home prices declined in ensuing years, the inventory of homes for sale increased.

When home prices are rising very few want to part with their appreciating asset. This is especially true in California with the Prop 13 freeze on your existing home.

When any home owner looks into selling their home and buying a new one they find they can only afford a smaller, less desirable home.

Home owners only become motivated to sell once prices are falling. They become desperate to save what equity remains.



To: Tradelite who wrote (18606)3/15/2004 3:06:18 PM
From: ildRead Replies (2) | Respond to of 306849
 
Well, inventory is low because sales are very quick and yes, homes are being churned speculatively for quick profit. Although most people here in So. California are in for the long run. We'll all retire rich on our houses. Renting is for idiots who don't want to be rich.

EDIT: Forgot to add -VBG- or may be it should be -NG-?


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