Real Estate Blues
If you’re a real estate buyer, it’s the best time to buy one! If you’re a seller though, you may need to scrimp a bit as the US Real Estate boom has burst and there’s no other place to go to but down.
The statistics are staggering. According to Standard & Poor’s/Case-Shiller Home Price Indices, 14 major cities has posted double-digit lows for single-family home values. Generally, it’s been down 12% since December 2006 with a possiblity of going further down by 10% by end of 2008.
The biggest culprit for this downturn: rampant speculation on property values during the past several years. “The areas that have seen a huge amount of speculation…are the ones that got nailed,” says Blitzer. “The farther up prices went the farther down they’ve come.”
Listed below is the five most hard hit cities:
1.Las Vegas
2.Miami
3.Phoenix
4.Los Angeles
5.San Diego
