Real estate investment on both sides of the ocean seems to have entered the mania stage. Houses today are the tech stocks of the late 1990's. Wasn't the 80% drop in the NASDAQ a hard enough lesson for investors? Or did it happen so long ago that people already forgot how quickly the market can "regulate itself"? In the face of a mania, these questions become meaningless
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I've got two homes on the market. One is closing this week in North Haven, Connecticut and the other in Aliquippa, PA isn't fetching any bids near our asking price. I live in Covina, CA just outside Los Angeles and homes are selling about as fast as you can pound a for sale sign in the ground. The diversity of the US housing market makes generalization, comparisons to Europe and predictions tricky. Those of us that live in the high density, wealthiest economies tend to forget about the "flyover" market. Let's say the "bubble" bursts in those hot markets. While that would have a large impact on the local lenders, retailers and such the vast majority of the US economy would barely feel any impact. That 5K sq.ft home on .9 acres overlooking a country club and miles of rolling hills outside Pittsburgh got a best offer of $120K which is 30K less than we want. The house outside New Haven is completely renovated 1200 Sq. ft on .78 acres with a babbling brook, great school district and great neighborhood went for $215K. The housing bubble is very localized in some few specific locations. The rest of the country is struggling to keep up with those Third World factories and service sector outsourcing nations.
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