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

To: Proud Deplorable who wrote (46146)	12/27/2005 9:19:15 AM
From: raleighrealtor	Read Replies (6) \| Respond to of 306849

Affordability is important in a real estate market. However, remember that only those first-time buyers and those looking to move up are affected. Their options: wait to buy or wait and move. In other words - not the end of the world. There are many places in the country that have not boomeed. Those coastal big city media markets skew everything toward making us believe that the whole country is just like them. Ain't so. In Raleigh for example - a very desirable job-filled metropolis, we are growing like crazy - mostly from people looking to cash in on their high home prices and buy in an affordable town. We have not experienced any year over 4% appreciation since the 90's. (and some years close to flat) And Raleigh is the most expensive city I personnally have lived in - among eight cities. The entire midwest is less expensive still. People will move there once they recognize there are cheaper places with a high quality of life. Yes, there are some bubbles - but not as many as the writers would have you believe. And mortgage defaults, yes they will increase, but again, it's mostly the recent buyers who went for the riskier mortgages, and a good percentage of them are young and upwardly mobile, thus they will land on their feet. For me, the faster the bubbles burst, the faster people will decide to move to Raleigh and other less costly towns.