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One of the ways this will happen is if the recession continues. Why just
yesterday... my step son, 25 years old, with an IT degree got laid off
from HP, after working for a year.. guess what, he bought a house about a
year ago also. Now he gets to be introduced to reality and stress.
So, if enough people get laid off with new mortgages and house worth less
than the mortgages then RE will certainly flush. I would expect the banks
to
suffer a bit also..
Don
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, August 22, 2001 11:39 AM
Subject: Re: [RT] sentiment
> It appears that people have been playing the real estate game for a long
> time now and using any increase in equity to refinance and get more cash
for
> consumption. Just as there was a limit to how high the NASDAQ could be
> pumped, there is a limit to how high the credit bubble can be pumped.
There
> does not seem to be much hard evidence that the real estate game has
reached
> end point. Like all bubbles, it is difficult to forecast a high, however
the
> reaction will be disaster when the limit is reached.
>
> Earl
>
> ----- Original Message -----
> From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, August 22, 2001 8:27 AM
> Subject: Re: [RT] sentiment
>
>
> > My condo sale I mentioned before happened in one day. A house down the
> > street sold in 6 days at the asking price (which was a bit high $460K)
and
> > 20K worth of decks needed to be replaced on it. As I said there is an
> > extreme shortage of used homes here in Minneapolis. Not sure these
prices
> > will hold though, almost a buying panic in spite of the economic
> conditions.
> >
> > Beginning to wonder if people have given up on stocks for the moment and
> > have decided to invest their money in something they can feel and touch,
> and
> > that won't "totally" go away on them? They are worn out?
> > don ewers
> >
> > ----- Original Message -----
> > From: "sptrader" <sptrader@xxxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Wednesday, August 22, 2001 9:14 AM
> > Subject: Re: [RT] sentiment
> >
> >
> > > Here in Denver, 1 year ago, I offered asking price for a home and lost
> it
> > to
> > > someone who offered more than asking price !! My next door neighbor
> just
> > > sold his home in a few days to the first person that looked at it.
$250k
> > for
> > > a small 3 br trilevel (1500sf) is crazy.
> > > Steve
> > >
> > > ----- Original Message -----
> > > From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Tuesday, August 21, 2001 8:52 PM
> > > Subject: Re: [RT] sentiment
> > >
> > >
> > > > In Minneapolis a total sellers market, very few used homes. Prices
> have
> > > gone
> > > > up so much I just sold a condo I bought 2 1/2 years ago that was
using
> > as
> > > an
> > > > office (vs renting office space) for 50% more than I bought it for.
> > > > Incredibly that was up 15% over last December 2000(sold it in July
> > 2001).
> > > >
> > > > So the market seems to vary by region or maybe just peaking here
late?
> > > >
> > > > Hey I may have finally sold a top he-he.
> > > > don ewers
> > > > ----- Original Message -----
> > > > From: <SLAWEKP@xxxxxxx>
> > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > Sent: Sunday, August 19, 2001 3:41 PM
> > > > Subject: Re: [RT] sentiment
> > > >
> > > >
> > > > > In Seattle expensive (over 1 million) Downtown condos, penthouses
> > marked
> > > > down
> > > > > 35% & no rush of buyers
> > > > >
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> > > > >
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