Wednesday, November 23, 2005

Housing cools....

So...its finally happening. Burst 2.0 of my investment lifetime is happening before our very eyes. Rising mortgage rates have taken their toll, inventory is rising, articles everywhere are going to pop up (already have)....while i was able to share my anecdotal stories on the upside i found shocking, tis also interesting to see in my condo complex 3 units for sale all lowering prices around 10% and others who want to sell waiting until this inventory clears (good luck). all over NW portland we see inventory...hasn't been like this for 2 years.

i'm thankful i have taken the advice of a few friends on a condo investment in florida i walked away from a few months ago (this was not for rent, i was going to flip the contract when the unit was ready for occupancy in 12-24 months). the most convincing argument they made was this: "when amateurs (read: idiots) like you start thinking this is a good idea is exactly the time you DON'T want to make the buy".

good advice, thanks chris :). it'll be interesting to see the selling price on those units in a year. and the to exploit all those crazy no doc and low doc loans that were made, ARMs to people that had no business qualifying, etc. etc.

great reading:

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