Re: Real Estate Prices with excess supply
A newspaper article in today's Sunday paper says that "there's a lot of real estate amnesia out there" -
LA's market boomed thru the 80's until late 1990 and it took until 2000 (ten years) before prices matched those in 1990.
Houston's "Oil Patch" bust started in 1983 and took 14 1/2 years to recover.
Boston's technology jobs dried up and the real estate market was down from 1989 until 1998.
These are isolated events and probably don't apply to a nationwide long term market correction; but then again, its been nearly two years since the bubble burst with predictions of it continuing into 2009.
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