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Realistbear

C N N: Fortune Mag Calling The Crash In Real Estate

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http://money.cnn.com/2006/05/03/news/econo...eguide_fortune/

Welcome to the dead zone

Real estate survival guide: The great housing bubble has finally started to deflate, and the fall will be harder in some markets than others.

FORTUNE Magazine

By Shawn Tully, FORTUNE senior writer

May 5, 2006: 12:14 PM EDT

NEW YORK (FORTUNE) - The stories keep piling up. In many once-sizzling markets around the country, accounts of dropping list prices have replaced tales of waiting lists for unbuilt condos and bidding wars over humdrum three-bedroom colonials.
The message is clear. Five years of superheated price gains rescued America from stock market collapse, put billions in consumers' pockets, and ignited a building boom that bolstered the nation's economy. But it's over. The great housing bubble has finally started to deflate.

Example (my former home town when I lived in the US)

San Diego, CA

Average home price: $483.0

Fair value estimate: $290.0

Percent difference: 67%

Rating: Overpriced

67%! About where the UK is as San Diego mirrored the UK during the run up and crash of 89-96.

The UK story is the same but the BBC will not print it! Its worth reading the whole article :)

Boston crashing badly:

http://business.bostonherald.com/realestat...rticleid=137808

Waterfront condo woes: Average price 40 percent less than ’05

By Scott Van Voorhis

Thursday, May 4, 2006

Boston’s waterfront, the epicenter of a high-rise condo building boom, is starting to see a trend that might make even the most bullish real estate investor flinch - skydiving prices.
The average price of a harborside condo perch plunged nearly 40 percent during the first quarter compared to the same period last year, falling to an average of $564,944, according to the Listing Information Network, or LINK.

Boston's Waterfront might be compared with Budgie Wharf in the City of London.

For an interesting read on the US Wall Street Journal crash blog and great links to property articles:

http://discussions.realestatejournal.com/R...20Discussions/1

Edited by Realistbear

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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