On real estate, I thought it was crashing in CA. But yesterday I heard a house on my street went for near 3 times what I paid for my house 11 yrs ago. Seemed crazy to me.
that's encouraging. my brother is in real estate in the east bay area and he describes it as "blood in the streets". there's a year's inventory to burn through.
certainly there are areas where speculation went wild like san diego, florida, arizona, las vegas where most of the correction will take place. anytime you have buyers buying new construction on pre-sale and selling six months later at 20pct profit you know it's insane and cannot last. there are also areas like stockton where a lot of sub-prime stuff was bought and is now being repossessed by the banks because many of those buyers should not have been buying, at least at those prices. there are other areas that didn't really go sky high and only a minor correction will take place. here in the pac nw we never went ballistic so we'll be lucky if only a 10-15pct correction will take place in this downturn.
