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I am so there! MLS.COM.
NEVER LISTEN TO Real Estate Agents or Investors…You want someone with an Economic background…Like me :D…You will see 25 to 33% in areas such as the midwest and other bluecolar cities…Places which the real estate rally took longer ot reach… Areas like Los Angeles, Miami, etc….where people love to live and were at the start of the rally, you can expect to see 40 to 60% drops over the next 18 months… Look at the real estate market as a four engine plane flying…A few months ago is when the engines started to smoke, and sputter…Right now is when all but one of the four engines have not burst into flames and the one is smoking and sputtering….though the plane can not fly on one engine, because it is still going, you have the pilot and crew (real estate agents and investors), saying…Look one engine.,,still hope…:D… When the truth is you are starting to fall out of the sky like a safe…as the months go by over the next 18, the wings will fall off, panels will break lose, and people will start to get sucked into the night sky until full economic panic is in effect…think crash of 89…but with a little (not a lot or full blown) great depression to spice it up.
I am looking at a 1.4m three bedroom a couple of blocks from the Beverly Center/Beverly Hills-Los Angeles border…It has been dropping about 40K a month (think of it 10grand a week) for the last 45 days…The true value of that home in the current market is about 940K which I expect to be 560K after all is said and done…Now, if you were a buyer who could afford the 1.4, would you purchase now knowing your home value might fall even by $100? No you sit and wait until you know that you will not lose any money….MAYDAY…MAYDAY!!!!