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

To: Elroy Jetson who wrote (28202)	3/16/2005 1:44:45 AM
From: John Vosilla	Read Replies (1) \| Respond to of 306849

Some West Los Angeles neighborhoods, like Brentwood, saw home prices decline by 50 to 55%, an example from $1.2 million to $520k. Hey it was all O.J.'s fault. No way an area without any buildable vacant land with such a concentration of great wealth could ever go down in value.

To: Elroy Jetson who wrote (28202)	3/16/2005 7:46:05 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 306849

thanks, Elroy. after hearing a big song and dance about how prices only go down a little bit and are back up in 18 months, it is amazing to look at actual numbers and see how bad it got. one question--you mentioned many foreclosure sales by banks. will that be different this time around with so many mortgages having been gobbled up by FNM in the secondary? how is a GSE's involvement in the foreclosure process different from a regular bank's? By contrast many homes in nondescript areas of Los Angeles appreciated little and declined little. The difference this time is there is little or no bubble in large commercial (office/retail) and multi-tenant properties. But the bubble is far more exaggerated in home prices and small commercial and multi-tenant properties. interesting, i didn't know it extended to small commercial. but it makes sense since it is part of the consumer bubble. since REITs have been priced to the moon, it is surprising to hear that large commercial properties have not gotten bubbly.