The housing market is having a abrupt slowdown. It’s about time things began to stop going crazy. Don’t worry I don’t have any numbers or figures, I’ll leave that to my boys at OC FlipTrack, the only thing you’ll get over here is gross generalizations and assumptions. Unfortunately for the majority of people in America gross generalization and assumptions is more than enough for them to form an opinion.
Eventually prices will fall to a point where I could actually afford a house in the Los Angeles area. With prices at such astronomical levels, the next logical question is; what do people do for a living to afford the housing prices?
Here is one real life example. A few weeks ago at lunch my coworker and I were just walking around Downtown and there was a condo open house, so being curious we walked in to see what was going down.
There was only one condo left, a beautiful unit, a spacious 740 sq/ft, one bedroom hovel.
“Well how much are you asking for this unit? “
“Only 450k, it’s a bargain, this is our last unit”, was the answer.
What a bargain, only $608 sq/ft, where can I sign up.
Once again, who is buying these places?
Maybe when prices dive, I can slip in and buy something at about 300k. The funny thing is the bubble really burst about 7-8 months ago, it takes about that long for the newspapers to catch on to current trends. These are the links that keep me informed.
- Bubble Market Inventory Tracking
- Southern California Real Estate Bubble Crash
- The Housing Bubble Blog
Well that’s a good start.
