Ohio is one of those states that used to be an industrial hot spot in the 60’s and 70’s. So a lot of older people lived and worked there. Now they are retiring and getting out, presumably to FL. Of course some of them cant sell and there fore cant buy in FL, the rest have sold or listed it and bought elsewhere anyway …
If CA crashes hard and fast and starts to recover before 2010 – 2011 it will have some semblence of recovery going before Ohio and michigan’s problem repeats itself. If not, its going to be a looooong 30 or 40 years and the landscape of real estate is going to be changed for ever (and I dont mean a “permanently high plateau” either) baby boomers retire and dump their built in the 70’s crap in record numbers on the market. Prices drop and still most of that crap doesn’t sell. RE depression spreading to the whole market. we slowly start making more of the things we need instead of buying it off china cos cost of living has dropped here and slowly everything starts selling but at a much much lower price.
Cool.
Cow_tipping.
