"You can't believe how bad it's going to get"

[RaspberrySwirl 20]

I'm confuzzled.

"It is a good time to buy."

"It isn't a good time to buy."

"It is a good time to buy if you have the money."

"It isn't the good time to buy even if you do have the money."

[Dean/Gra 0]

I saw it coming too, a long time ago. As an investor, it pays to be smart, and too many were just greedy.

You have it exactly right girl. Greed gets them every time. Bulls make money, bears make money, pigs get slaughtered, even if the muslims dont want to scan them. hahahahaha

I'm confuzzled.

"It is a good time to buy."

"It isn't a good time to buy."

"It is a good time to buy if you have the money."

"It isn't the good time to buy even if you do have the money."

NOT NO, BUT HELL NO!!!!

[Dean/Gra 0]

I can totally see it in LA - hte average price of a home where I live is $800k (a nice, but not super-wealthy part of LA). The average HH income in my zip code is something like $75k. Even 6 figure DINKs can't affford to buy here ...

Same is true in suburban NJ. The crash is going to be quite severe in some neighborhoods. The newer developments in my neck of the woods, where all the units are 1100 sq ft or less condos, not within walking distance of mass transit, those all seem to be 1/2-empty. And the people who bought there are either investors or people who had no business buying at those prices in the first place (100% financing, interest-only or even neg am ARMs, etc.). Those developments are going to crash big-time. I was speaking to a neighbor recently who purchased a 2-br condo in a neighboring town back in the 80s. The RE crash of that decade saw his 220k home drop to 100k.

You are right, the more the areas that had the greatest and fastest increases will be the ones that come down the farthest and fastest. However on the plus side, when the prices come down, if you have the money you can make some great investments buying those same properties. The reason they went up so fast in the first place is because people wanted to live there, and they still will want to live there when all the dust has settled.

[zyggy 9]

I feel bad for my next door neighbors. They bought the house in Jan '06. Refininshed the basement in Feb '06. Massive flood on mothers day of that year. July '06 the guy lost his job so they put the house up for sale and it's still on the market now without so much as a bite. To make matters worse last week or so both my house and his had a flood so now they have to fix up the basement again with money they don't have. The guy looks stressed!!!!!

Maybe he should have invested in a backflow preventer (check valve) the first time it happened...

Edited March 19, 2007 by zyggy