On 10 Apr 2009
in
Gains get reported, losses get ignored!,
northernvirginiarenter said:
Hey kids, long time no talk...it's interesting to check back in here every now and again to take the pulse. I do so unfortunately infrequently these days, work is consuming. Good to see DinOR back around, as well as others still at it.
Quite a show for us in the front row. Couldn't make this stuff up.
Odd to hit the place and see my alias, compelled to post.
I don't really track the RE market DC area too very closely, I did for too long and gave up long ago. Story in Prince William County is they had seen a huge boom in Latino population, with the usual consequences of ignorant misperception, racism, blame, and all manner of nastiness. In a backlash against the uptick in social svc spend, they implemented the first ever law whereby law enforcement could check legal residency status of those that crossed their paths, and detain for ICE anyone not able to produce green card or papers.
Not surprisingly, the sizable Latino economy collapsed under this regime. Whole sections of the county abandoned. They got what they wished for.
Of course, values subsequently plummeted. And then the speculators pounced, creating a bottom however fragile. I understood that transactions were up and values stabilized as much competition for the stock among investors. Not aware if the financials made sense, I suspect it was a wave of amateurs. A whole new round of greedy bag holders imho. So it was the first to crash in this region, and crashed the hardest. Maybe this is portentous as to what we will see elsewhere in the country.
To characterize as hot is patently ridiculous.
Other side is you have some significant growth associated with BRAC and other Fed relocation to area, so interesting to watch forward.
Hope this finds all of you fat oversexed and happy. :-) Happy Easter.
