Personally I think the real estate board is doing alot of damage control by lowballing how much the drop has actually been. They were telling people 2 or 3 months ago that they were forecasting a average price gain of 30+% this year. If people get a hint that the bottom might fall out of the basket you will see the market flooded with people trying to cash in. My neighbours just sold their house next door for 50k less than the asking price after it sat on the market for 3 months. Being fairly young I'm praying for the crash so the price of these junky starter homes become reasonable. I'm sorry but $400K isnt a realistic price when I know how much these things cost to build. I think we will see a flux shortly, where people who having been buying up rental properties at peek prices will find no tenants and end up selling to save their skin. I see alot of postings on my companies buy and sell for rental properties at outrageous monthly rates. Example I saw today 3 br 2 bath $2700 a month plus utilities..?? Right...
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