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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (24574)	1/13/2005 2:32:13 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 110194

John, I am Houston based and not really too familiar with Dallas real estate. Here, of course, it is mostly an oil-based economy, so our real estate bobs and weaves with long term moves in oil prices. Anyhoo, I've noticed some of the really hot properties are taking longer to sell and that prices are way beyond rental values. Last year at this time folks were paying $500,000 for properties they can't rent out for $2000 a month. In other words, they cannot collect enough rent to cover their nut on interest, much less pay down principal. This year, those same properties, if they sell at all, are going for slightly less. My guess is soon they will be going for much less, if they sell at all.