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

To: John Vosilla who wrote (124983)	5/23/2008 10:38:03 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

Was the buying in Phoenix for habitation or speculation? In other words, were the majority of the people building homes in Phoenix planning to live in Phoenix? If so then buying cheap, remodeling, and waiting could be a very smart move. If the homes were built for speculators then there will be an oversupply of homes for many years. In this case it is foolish to buy, even if prices are low. Even IF you hit the bottom perfectly it may be a decade or more before the oversupply is worked off and prices start rising again. In the meantime you are paying taxes and insurance, and have squatter, vandal, drug dealer, and upkeep issues. I was going to look for some investment homes this Fall but with the economy recently looking like a DEPRESSION is looming, I am carefully rethinking that logic.