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selenite0I'd heard foreclosures were up here, but I didn't realize how bad it was. They're up 27.6% in Tarrant County. It's worse in Dallas and Denton. I'd thought we were avoiding the bubble since the prices aren't as outragous as in other areas, but there's still a huge amount of construction going on. If they're sustaining that by selling to people who can't really afford a home we're in a bubble, and it looks like it might be popping after all. The other possibility is that the changes in bankruptcy law is making a lot of people who would've declared bankruptcy give up their homes instead.
That shouldn't affect us. We're not planning on moving or tapping our home equity. If the market price of houses goes down by a third it's still not a big deal. The nightmare would be if the local market crashes to where houses in our neighborhood become almost free. I heard Palmdale and Lancaster had troubles in the mid-1990s because a lot of Los Angeles welfare clients moved into houses left empty by that market crash, bringing gangs with them. Something to keep an eye out for here.
That shouldn't affect us. We're not planning on moving or tapping our home equity. If the market price of houses goes down by a third it's still not a big deal. The nightmare would be if the local market crashes to where houses in our neighborhood become almost free. I heard Palmdale and Lancaster had troubles in the mid-1990s because a lot of Los Angeles welfare clients moved into houses left empty by that market crash, bringing gangs with them. Something to keep an eye out for here.
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Booms/Crashes ...
Date: 2006-01-23 05:22 pm (UTC)Now, our place up here has probably tripled in value over the past 15 years, but I have to wonder what having all these million plus places on our block is going to do to our market price. I mean, WE have Lake views that those new, low, and pointing-the-wrong-way places could only dream of. I would hate to have our place go through a big inflation only to burst (no doubt, just when we'd be wanting to sell). It's hard to figure, though, because how often do you get that sort of top-dollar new buildings going up on the same block?
Re: Booms/Crashes ...
Date: 2006-01-23 05:36 pm (UTC)Re: Booms/Crashes ...
Date: 2006-01-24 08:15 pm (UTC)Right behind us on Maple St.:
http://www.mapletower.net/
... I believe this is starting to have folks move in ... "Starting at $985,000" (although it appears that the smallest units are 2-bedrooms, not 1)
On the opposite corner of our block:
http://30westoak.com/
... this one has a few 1-bedrooms, but mostly 3+ (in a range of "$630s-$3M" ... it's still under construction, and once it goes up, a row of townhomes will be going in behind it on Dearborn.
Again, it's hard to predict what having these $$$ places around the corner will do to our market value, but I can't help to think that it will end up making our place look like a deal at a lot more than it's going for, especially since we have awesome views, and these new places don't!