Real Estate Bubble Burst – A Preview of Things to Come!
Author: Bob Schwartz
Source: articleage.com
The LA Times ran a story on March 4th on the bust of the Shanghai, China, real estate market. In one of the world's hottest housing markets, the last three years saw a doubling of prices. Things are now so bad now that thousands of real estate offices have closed, many homeowners have loan amounts that are greater than their properties resale value, recent buyers are fighting with developers to rescind their purchases, and banks are awaiting a wave of mortgage defaults.
Morgan Stanley's chief Asia economist said "Shanghai's housing slump is only going to worsen and imperil a significant part of the Chinese economy". About the property now under construction, this same economist said "They'll remain empty for years!"
The similarities to our hot US bubble markets, makes me believe this is preview of what we are already starting to experience (though at a much slower pace).
The first signs of trouble in our real estate markets were very subtle and only picked up, or acknowledged, by very few real estate professionals. Since mid 2005 the red flags have been quite obvious to even the layperson. Yet, the forever optimistic 'it's always a good time to buy' industry line is embraced by the mass media (they certainly do not want to lose their immense source of real estate advertising revenue) and the naive general public.
In San Diego in particular and most other major metropolitan real estate markets, it's quite acceptable to acknowledge and embrace the double digit real estate appreciation of the past. Yet, even the thought of depreciation of real estate is looked on with the same disbelief and distain as if a child molester moved in next door.
There is a proven saying in our stock market: "You can never go broke taking a profit." In many US markets, seasoned investors can still turn a profit. However, if Shanghai's real estate market is any indication of what awaits the hot US markets?..the window of opportunity is closing very fast!
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Bob Schwartz is a certified Residential Specialist w/ 27+ years experience. Bob runs 4 real estates sites including: A downtown San Diego real estate site: http://www.downtown-san-diego-real-estate.com. A costal San Diego real estate site: http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us and free San Diego For Sale By Owner website at http://www.san-diego-for-sale-by-owner.com. These real estate website provide visitors the ability to search the entire San Diego MLS database for property that fits their exact requirements. Also, there are many useful, money-saving real estate articles for both buyers and sellers. Also, a number of the sites show recent closed sales prices for various areas of San Diego California.
Why I Started Real Estate Add
Author: Mike Colpitts
Source: articleage.com
Why I Started Real Estate Add
Real Estate Add has debuted on the Internet offering the latest
information on Real Estate markets in all 50 States. There are
some real golden nuggets in Real Estate Add, where you can read
about some of the hottest upcoming real estate markets and
others you may want to avoid.
Until now there hasn't been a place to get one stop shopping
information on every States real estate markets. There are tens
of thousands of real estate sites on the web. All 50 U.S. States
real estate markets are profiled on the website. It's a
comprehensive resource for consumers.
Thanks for the taking the time to find out just why I started
Real Estate Add. I'm Mike Colpitts and I've been listing and
selling real estate since 1989. Before I started my career in
real estate I was a professional journalist.
Every time I'd work with a real estate client whether it was in
California, where I started selling real estate, Washington
State or now in Florida where I make my home clients would ask
me what the real estate market was like somewhere else in the
Nation.
I didn't live there, but I always made it my business to know
what other markets were like, but the resources were bleak with
the exception of an occasional report from the mass media or the
annual report from the National Association of Realtors. So I
decided to start Real Estate Add on the internet to give
consumers the information they want and really need in today's
information driven society.
There are some great buyers real estate markets and there are
still some great sellers markets scattered all over the United
States, and there are also some local real estate markets that
are still undiscovered by the general public that have some of
the best appreciation to come in future years.
There are residential and commercial real estate markets where
investors will make a killing and there are markets where you
better sell today before it's too late tomorrow. On Real Estate
Add you can find out about local real estate markets all over
the Nation, and even search for your next home.
Real Estate Add has been developed over the past two years with
the help of real estate agents, bankers and brokers all over the
country.
Every real estate client I've ever had asked about real estate
markets some where else, which really got me to thinking over
the years. I started Real Estate Add to let people know what the
market is like back where they grew up or where their friends
are living in another part of the country today.