Yawn...bunch of nancy's From 1990 to 1993 my house in Cali went from $275 to $180....sold it in 2002 for right at $1mil. Had rental houses at the time that went from $120 to $600. Current place is above 3.0 ...in ten years it'll probably go for $6.0mil or more. Unless you're flipping RE or using it to fund your debt...it's just not something you should worry about too much.
That's cheap compared to the B.S. going on in Canada. Look at Ft. McMurray prices. Easy 1 mil CAD for a POS 1000 sq ft shack. Edit: It's quite easy to know when the bottom in US real estate is breached. That's when all the B.S. "flip this house" type nonsense shows disappear from TV
Pabst, seriously....what 's the deal with this? My granny on a fixed income lives in a shithole like this
Yeah. That's a 150k house in StL. But look at the location, and the fact there are only 17k people in Hinsdale. It's a sleeping town for wealthy Chicago professional commuters. Makes sense.
That price is indeed a joke. It is probably only worth $250K. Yes, I am talking about Hinsdale. You can buy 5bed.2.5 bath at $500K. http://homes.realtor.com/search/searchresults.aspx?zp=60521&bd=5&bth=5&typ=1
What you are seeing in SF on the high end is the same in many places. The reason is definetly tied to the "two economies" to which I add other factors - inheritance, dollar concern driving hard asset purchases, possibly even recent unsettling market volatility. If you have say 10 - 20 good years left on earth, you dont give a shit whether you get it for 3M or 3.5M. Near me, availability is far more of a problem than price for this crowd. http://www.nytimes.com/2007/10/27/b...r=1&oref=slogin&ref=business&pagewanted=print
Might be, but it does not show in the statistics yet. And not many believe it yet. "So what"?? Are you joking, or just totally clueless? So what, if Americans can't afford their homes and have to dump them on the market? Or give it to their bank, which then must dump them on the market at a big loss? So what if Americans realize they can't spend all of their income, and have to start saving too? So what if the bursting housing bubble results in a recession? So what if the stock market might just tank a bit when investors finally realize the dire situation?