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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: nonrev who wrote (50474)	5/26/2009 1:05:03 AM
From: prosperous	Respond to of 217501

Yes, I have heard similar observations from other areas. It seems that specific areas like Detroit, Las Vegas, Some parts of FL have been hit but rest of the RE market is still in tact. Its the media that is first creating the illusion that the prices have fallen a lot and that they have bottomed too so people should start buying when in fact, what we have is a pure glut of housing inventory and the prices are still holding. Media can be a powerful tool to get some velocity for money going only if they establish credibility, with the way they are going, they are more likely to lose credibility eliminating one more tool that has helped the frogs boiling slowly somewhat so far. What bothered me was that typically condo boom marks end of the RE boom and are first ones to take a hit (Last in first out), however, I am still seeing condo priced like we are at the peak of a RE market and the builders were hoping to build even more once they exhausted the current inventory that he had marked it for liquidation, and was selling at same price that his regular condos were sold. I wanted to get a pulse for the condo market implosion but it seems far from it. There is bunch of new construction going on, Centex wants you to buy houses now that they will build and deliver to you in November (I like their existential optimism over the time-frame :-) and apparently some buyers are drinking the Kool-aid as well) BTW I am in Oregon which has #2 unemployment rate in the country, something is amiss. I will wait patiently for any RE investments :-)