I'm supposed to feel bad about this? You play with fire, you get burned.
When they say it's different this time, ti's not different.
And who the heck pays 600k for a condo?
"What is becoming apparent, market watchers say, is how big a part speculators played in the region's real estate boom of the past few years. Not just condominiums, but also townhouses and single-family houses, were snapped up by investors using no-money-down financing and nontraditional loans. They helped send prices soaring at unprecedented rates. And now many are trying to sell, or rent at a loss. Some may eventually dump properties at low prices to get rid of them. That could weigh down values for everyone.
duh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
As has been said before, the crunch is not everywhere--but where it's crunching, there're a lot of crushed nuts.
Art
This is just the beginning. As rates rise or stay higher buyers will disappear. With homebuilders having gone nuts over the last 3 years there is huge inventory that isnt even on the market yet.
The _really_ interesting thing is going to happen when all the folks who got adjustable mortgages at 3% get hit with 8% rates... Gonna be a LOT of repos...
That's when I may finally be able to afford a house.