That's right. Real estate is local in nature. The demand in NYC sometimes lessens and prices then go down. That doesn't effect the value on my home in Fla. High interest rates are what kill R.E. on a national level. Bruce and I are talking about single family homes, on the water, in Fla. Most building today, of this type of R.E., is tearing down older homes to build real beauties. There are very few vacant lots that have not been built. Now, I don't agree that they go up 20% per year, but they do go up, not down. You can find a distressed seller, and you can "steal" a house, even on the water. I've been in that business for years. When demand lessens, most folks simply remove their house from the market, which then leads to a shortage of supply when demand resumes. The folks waiting for a so called R.E. bubble to burst, don't understand R.E. Greenspan has it right when it comes to R.E.
Bernie
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