...if the super high end real estate market in the greater new york city area is also beginning to tank, HALLEFUCKINGLUJAH! there is still hope!
Monday, August 20, 2007
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7 comments:
It never collapses enough.
i'm not talking about an outright collapse; i'm simply talking about a market correction.
the credit crunch is going to make it harder to get big loans for big mortgages and that's going to depress the high-end market prices.
also, lots of ARMs are resetting this fall. i can smell blood.
see, where you and i live, everything is considered "high end" even if it is a tiny shack.
an acquaintance of mine bought a $600,000 STUDIO a few months ago. that's right... a $600,000 STUDIO in manhattan. hello dumbo mortgage!
the two bedrooms in the town where i live are sitting pretty around $500k to $550k. that's dumbo mortgage territory. when people can't take out dumbos to purchase their two bedroom condos, they'll have to drop the prices. or so i hope.
it's the same case here in MA. mortgages over 417,000 are commmon because housing prices are so high.
we've been chattering about the impending crash for a couple of years already.
like, happen! crash! hurry up!
the bubble lasted so much longer than i expected. i was certain that housing prices would be on the decline by 2005. i figured it would take about 4 years to rise to peak after greenspan cut interest rates after 9/11. i never in my wildest dreams thought the runup would last for 6 years or that prices would rise so high.
P.S. disregard my previous comment. i noticed just now that you said 'where you and i live'....
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