“Prices are going to go down and stay down for awhile. It will take at least a couple of years to work off the excesses of the last decade,” said Mark Zandi, chief economist at Economy.com and the principal author of the report.
You guys! Geez. You were just saying how bad it was that you let things get personal and here you go again.
I’ve never considered 3600 square feet a McMansion.
Again, folks, WHAT bubble?
La Paloma is a newer, high end neighborhood in Northern Amarillo near our hospital district.
Believe me, you have your high end neighborhoods, but alas, per the article I quoted earlier in the LATimes, they’ll soon be 8.5 to 11 percent cheaper soon.
Of course, the Moody report the article speaks of is saying better than usual things about Texas and the Southwest and especially compared to other, more volatile markets in the US.
You’ve recently derided each other on this forum for attacking the poster and not the statistics. I bring you statistics via a report by MOODY and all you can do is slam.
In keeping with the guidelines of this forum, the expletives I inserted have been removed.
I think our friend from Texas is back because no one in the area can afford a $600k home. A quick check of labor stats for Potter county show the average weekly income of $667.
He is thinking that someone here who had a mortgage on a $400k home that was sold last year for $1.1mil might have the equity to buy it. Unfortunately, those gains were mostly on paper and very few people cashed out. A lot of the people who did cash out hang around here, so he is targeting the right audience. The catch is: if you were smart enough to cash out last year, are you now foolish enough buy again this year (especially in a location were the economy can’t support the price)?
Lets be clear here – I think you’ll get no argument from anyone here that So Cal is going to crash big time. Our issue is with your claim that Amarillo is immune to the same.
This soothsayer has insight, especially for JES. Think San Marcos, Texas – not San Marcos, California. Texas State San Marcos has the most beautiful Texas “hot” ladies sunbathing near the abundantly clear waters of Edwards aquifer/San Marcos river. Houses that are brand new along the I-35 corridor and which are “hot” and exploding in buyer demand go for something like $150K for more than 2,000 sq feet. Same house in San Diego would fetch 800K, according to my crystal ball. Go figure.
I have relatives in near Dallas, and I’ve got to say one thing – if there was ever an opportunity to buy a rental property & cash flow right away, Texas is the place. In my aunt’s suburb of Dallas, the rents are actually more expensive that buying with a conventional 30yr fixed.
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