The Real Estate bust - is it here, how bad can it get?
September 1, 2006 – 7:08 pmIf you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
That’s a big question for anyone who owns a home, and an even greater concern for people who are considering re-financing their homes. The bust is definitely already hitting areas: generally the areas that are hit hardest have been the ones that were flying the highest. But even in the rest of the country, people are feeling the fallout from the current real estate bust.
One of the big problems this time around is that commercial builders haven’t really quit building into the glut. They may have wrongly figured they could keep inventory levels high and still stick around making sales to renters who wanted to own. But now there’s a glut in a number of places.
The best bet is to pay very careful attention to what your house is worth these days. If haven’t already, check out Zillow.com, which is an extremely useful mashup that can tell you a lot about the area you live in.
Are you in a bust?
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6 Responses to “The Real Estate bust - is it here, how bad can it get?”
The same is true with my home in miami. Prices went down…
By bullrise on Sep 3, 2006
You should see all the existing home for sale signs in San Diego. The sellers do not want to accept that the housing/condo market is in a downturn. If they don’t get the price they’re asking for, they simply replace the ‘For Sale’ sign with a ‘For Rent’ sign. They continue to hold out thinking they’ll be another upswing. They have deluded themselves into thinking So Cal real estate can never go down. Lots of stubborn and arrogant home owners here in San Diego.
By JAP on Sep 4, 2006
Miami definitely seems overbuilt. Miami Beach way so.
By Darren on Sep 5, 2006
Agree with the comments on the housing bust… I’ve got one more “fix n flip” to get rid of (at a currently reduced price) before I can say I’m out of the housing business (for a while). My only disagreement with the post is the “commercial developer comments”. The turnaround hit pretty quickly - before big builders had a chance to react. They started projects with a 9 - 12 month building time frame - and are those projects are just now approaching completion - in the worst of times for them……..
By thezster on Sep 8, 2006
True. No one will escape this completely.
By Darren on Sep 13, 2006