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

To: Amy J who wrote (48980)	2/23/2006 12:03:06 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

thanks for posting that AmyJ. Wow. I don't know because I am not in the market for a house. I do have a coworker who was looking for a house in Los Altos which has a lot of google money so pretty hot (as opposed to my area, San Mateo and north where there is really no infusion of new money from any company stock whatsoever and in fact, many companies up here are still laying off). Anyway last Oct she was saying she was expecting multiple bids for a 1.5mm range LA house. All of the sudden in November, she said there were "a few" houses in LA she thinks she could have won just by offering the ask. In the end they did get a house at the ask in late Jan. I attributed the slowdown to seasonality though. I really think these house prices have to cool off here. it is damaging to the economy imho. I don't want a crash but a light decline would be good. I don't know if you saw Mish's post about 40% price reductions on new houses in Sacramento, I sure don't want that in the bay area, that would totally wipe out a lot of people.

To: Amy J who wrote (48980)	2/23/2006 4:15:05 PM
From: Live2Sail	Respond to of 306849

Amy, It's not that weak. Period. Not yet, at least. L2S

To: Amy J who wrote (48980)	2/24/2006 10:21:38 PM
From: Tradelite	Respond to of 306849

<<According to prosecutors, the couple went to the Sunnyvale man's open house and told him they would buy the $879,000 home for cash as soon as they sold their $3 million home in Los Altos. The deal didn't close -- Balestrieri allegedly said a messy divorce was gumming up the process -- and the man started to give the couple cash and pay for hotel rooms, rental cars and an apartment in an effort to keep the deal alive, according to prosecutors>> You posted this and then asked Lizzie whether the Bay Area real estate market is that weak already.......If "prosecutors" are involved in a house sale, there's more going on there than the status of the local real estate market.