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marcus
2011 Jan 4, 7:44am
It was a fact that for a long time the upper end was not affected much, and I saw many comments about that here and elsewhere.
Here in LA entry level homes (which by definition are not in the nicest areas) are down 30 to 50% depending on whether they are "distressed" and other factors. Whereas, over on the west side things are down way less (as a percentage).
But you were right, it did eventually hit the high end. It's only natural that the low end was hit so much harder because there was way more investing/flipping on the low end, but more importantly there were way more so called liar loans with zero to minimal down payments. SO naturally far more walk aways and foreclosures in the entry level segment.
By the way, is that a new title suggestion for the miscellaneous section of this forum ?
I was trying to locate a post from years ago. I specifically remember a conversation with someone that insisted that the upper level luxury home market will be unaffected by the housing crash. My argument was housing has a ripple effect. That people trying to sell there starter house will not be able to trade up to a higher priced house and so on till even the luxury end of things will be similarly effected. To make a long story short (too late I know)
I can't locate any posting from me older than 2009. Obviously postings are missing, since I've been active here since 2006 at least. Strangely enough other older posting from HARM and EastCoastBubbleBoy go back as far as 2005. Thus I can only assume that Patrick finds me boring and deletes my post accordingly. :(
The oldest post I could find was dated, Friday, 15 Apr 2005 2:21 pm and Patrick is talking to himself.
#housing