Replies to post #106616 on Zeev's Turnips Patch-No Politics (ZEEV)

[Sherlock356]

I agree....look at the bubble in SoCal realestate in the early 90s...very painful to the local folks but it didnt take down the national markets. Ditto for the SnL/Junk bond crisis in 89/90...lots of isolated pain but no widescale crash resulted imo.

[Benj]

Augieboo,

I don't thinks a 20% decline in realestate prices should be concidered doom and gloom, except for those who just recently bought. N.Cal is dropping both in the price of realestate and rentals but the event should be looked upon as a necessary balence in valuatiion. A 12% unemployment rate and a mass exoduse of folks leaving to go back to where they came from is not a bad thing but a realistic occurance to restore the prospects of economic sense. The envelope can be pushed only so far you see.

JMO

Benj

[Captain_Jack]

augieboo-- Rolled on the floor this weekend after seeing a CA couple pay $400K for a house that would not hit $70K in OH. The cosmetics were in place for $65K - $70K but it would not be sold in present condition due to difficulty in getting a loan. As a 'fixer upper' a RE investor may have dropped $50K - $55K to be used as a rental after repairs were made. With the problems it had no realtor would touch it & the couple thought they found a bargain. The condition it was in would have a landlord fined in many areas of the country. Anyone thinking the tech bubble saw $$$ disappear will get a real eye opener when CA drops into the Pacific one day.....

[Bruce A Thompson]

Heads Up Augie,

MIR dropping this morning. Buy it on the first bounce. 15-20 minutes into the day. Be nimble and quick (<1 hour). Be ready to sell @ 1/2 the opening drop. You should make the trip to the ATM with around 15%-20% for your trouble.

Cheers,

BT