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

To: ild who wrote (74280)11/17/2006 12:43:05 PM
From: CalculatedRisk  Read Replies (2) | Respond to of 110194
 
I don't know. I'm not really sure of what areas the Fed's Dr. Yellen was talking about when she mentioned "ghost towns".

As far as prices, this is typical for a bust ... a slow steady decline over several years (prices are sticky).



To: ild who wrote (74280)11/18/2006 10:32:04 AM
From: John Vosilla  Read Replies (2) | Respond to of 110194
 
'Do you have any info on what's going on with prices in "ghost towns"?'

Well in one of these one trick pony real estate centric markets like Naples, FL houses were sold at private auction by one distressed individual seller. Biggest discount was one from $690k in mid 2005 resold for just $400k. I think the house was just assessed by the county for tax purposes around $588k (usually around 85% of market)..


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