US Housing Market set to crash hard

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California's housing market has been ridiciulous for a long time now. You can buy a rundown slum in Compton for the same price you can get 4000 square foot 5 bedroom house in many other parts of the country.
 
real estate markets dont work the same way as stock markets
a "real estate crash" takes months or years to happen

personally I hope everyting slows down so I can buy a condo somewhere in manhattan within 12 months. recessions are the best time to go shopping for real estate
 
Yeah, permits are way down. We are building way less than half the amount of houses per month than we were 2 months ago. Jobs on hold blah blah blah. From everything I've seen it is supposed to stay flat or go down a little bit until the middle of 07.
 
It's been slowing down here (so cal) for a while now... still rediculously expensive, but still slowing down.
 
Manhattan prices are just ridicoulous right now.A studio rental in a decent neighborhood starts at around $1300.
 
roozbeh007 said:
dude, you just sold all of your stocks a few days ago, now your house, what are you planning to do?
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I'm not sure... I applied to HBS so if I get in that is going to cost about 130K. If I don't get in I'll probably put most if it in a CD for a few months, day trade some of it. Daytrading is more fun than gambling!
 
If you are in a hot market and looking to buy a new house, December is the time to do it. Because of the new sarbanes oxly (sp?) rules, builders have to take a loss on the land they bought at inflated prices. The loss will be the difference in what they paid to what it is worth today, which isn't much. Builders in places like Vegas and I'm assuming Florida will be taking million dollar hits, so they will be doing whatever it takes to make up what they can. This equals huge incentives in December.
 
stanley said:
how much higher do you think we're going?
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I wish i knew the answer to that question definitively...cause I would mortgage everything i own, buy a seat on the exchange, setup a JBO (joint back office) to get the maximum haircut, and then load up on that trade.
 
ZooYork said:
Manhattan prices are just ridicoulous right now.A studio rental in a decent neighborhood starts at around $1300.
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Thats crazy, fuck that i would move, here in oregon i'm only spending 1,000/month for a 5 bd 2bth, 2 living room, two kitchen, den and bar house. You couldn't convince me to spend 1300 on a studio.

but i suppose in different areas there are also differences in per capita income. Like average oregonians probably don't make on average more than californians do. So the price differences may just be natural to the income.
 
I'm moving to northern california and looking at apartments this weekend. I'm looking at spending $1400/mth for a 1 bed, 1 bath around 650 sq. ft.

Fun times!
 
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