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

To: orkrious who wrote (48807)	2/20/2006 11:00:21 PM
From: Think4Yourself	Read Replies (3) \| Respond to of 306849

Home prices are already falling in the Detroit suburbs, and the builders are still building, mostly high end condos. Just found out a couple of businesses near me were bought and the buyer is going to tear down the buildings and put up luxury condos on the land next year. Personally think the project will get cancelled this summer. I picked up a "homes for sale" magazine at breakfast this Sunday, just to see what was available. Looked at them for years so had an idea what to expect. It was odd and I must confess I didn't know what to make of it. The realtors who advertise normally put in homes in the $400k+ range. There were almost none this time. Their were probably only a dozen out of hundreds listed (2 homes at $899K+). It was apparent that many of the homes were back on the market after having been bought as fixer uppers. They probably comprised half of all the homes in the book. Almost everything in the book was under $250K, which is a lower income home around here. Maybe a realtor will know what this all means. I have never seen anything like it.