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

To: Pogeu Mahone who wrote (84710)	8/11/2007 4:02:04 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

There are still a lot of people saying things like "the prices are pretty good now. Think I'll start looking." You don't hear that at the bottom, or even when we are near the bottom. You hear "Real estate is a lousy investment" and "I wouldn't want that house if it were free" at the bottom. If we know this it is a given the bankers do too. There are still suckers to reel in, suckers who think they are getting a great deal. I want blood in the streets, a LOT of blood, before I start buying. Right now I see a little blood, but mostly it's lots of happy happy people saying it can't happen to them and their neighborhood is immune (so far). A big wave of foreclosures are coming to the $500K+ neighborhoods soon. Actually TWO waves. Now will be all the ARM people who need to refinance and can't because they don't have enough equity or can't afford the new payments anyways. In two years it will be the new buyers today that take out ARM's because they can't buy otherwise. When they go to refinance in two years they will be upside down because they couldn't see that home prices were about to tank when they bought. The funny thing is that interest rates are actually coming down on conforming loans. Too bad most people don't have the required down payment.