US real estate

[tsquared]

We hear of nosediving real estate prices in the US in the news. Is this true where you are?
T2

[mybad]

Yes Calfornia.....but we will always eat cause we have the Bradley!!!!!

[La Quinta]

Big time T2 in California. I've worked the last 21 years in real estate,for the same builder, (last 10 in CA...first 11 in FL) but yes the market is very depressed in many places in the country. Not a good time to sell your home...but a great time to buy one. Especially a new home from a big builder. They will do just about anything to get you to buy!!! Trust me...I know...(and no...I am not a realtor...or on the sales side of the industry...finance actually)!!! Oh yeah I started at the Company when I was...uh...10ish!!!) :) :) :)

[KyNola]

I'm sorry but I have to wade in on this topic.  TSquared, I have over 35 years in the banking business, the last 26 of those in real estate finance.  While it is true that there are several areas of the US that have a problem with real estate values at this time, values across the US as a whole are not in the same dilemma.  No offense intended La Quinta but I am extremely distressed by the media exploiting the story.  I fully acknowledge CA and FL have a problem but frankly it's the fault of greedy megabank mortgage companies such as Countrywide and others who willingly engaged in deceptive, predatory and in my opinion illegal lending practices.  Any wonder Countrywide just sold?  Want to know the problem with the real estate market today?  Simple, just follow the money.  As soon as the media finds another big story, this one will take a backseat.  No doubt there is a problem.  Follow the money.  See who got EXTREMELY wealthy while causing this problem.  The CEO of Countrywide is going to walk out of the sale with $150,000,000.00 in his pocket.  The next one to sell will be Washington Mutual.  Watch how much their CEO walks away with.  In the meantime, guys like me will still be out there helping families pick up the pieces of what those b______s did to them.  Home ownership is not necessarily a right.

KyNola

[La Quinta]

Ya know what KyNola...we should take this off line...but...in a nut shell...I agree with your perspective 100%. I could go on an on an on an on....on this topic!

[Arcs_n_Sparks]

I am, drinking at a distance.......   8)

[KyNola]

La Quinta,
No need to take it off line.  I'm happy to learn I didn't offend you.  La Quinta, I wish you the best and truly hope it all turns out well for you and your employer.  I actually have a bit of an inside track with the Mortgage Bankers Association in Washington DC.  Unfortunately, those guys are a bit too politically motivated if you get my drift. 

Arcs, I couldn't agree more and I'm taking your advice and following suit.

KyNola