Punny Poll #7: Are We in For a Housing Crash?
Author: Nick
Category: Money
Topics: poll, real estate
The results of last week’s poll on reader stock market participation reveal that most of you are either casual traders (44%) or only have passive investments like those in your retirement accounts (39%). Absolutely nobody indicated they make their living by day trading. I guess you’re all slaves to The Man (or perhaps The Woman) like me.
I’ve talked extensively (and less extensively) about the housing bubble before, but now it’s time to open things up to you folks. With interest rates rising, demand cooling, and housing inventory climbing with each passing day, what are your thoughts on the likelihood of a housing market crash?
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1 Response »
1.
Mike
July 12th, 2006 at 4:25 pm
My vote depends on the area in question. In the DC area, there has already been a correction, and we’re in for more, but DC is different than the rest of the country (mostly) in that the government supports so many jobs and salaries are increasing all the time (if you have a relevant college degree, that is).
There has definitely been a change in 2 areas of housing (as I expected). 1) new homes (the 3500+ single family homes with almost no land) and 2) condos. Prices are dropping for both because they were both inflated. Existing “starter homes” will be stable though (I hope, since I live in one of those).
In areas where job growth didn’t nearly keep up with home prices, there will be a major correction. For example, Las Vegas and Miami.
No matter where you are, though, it will be at least an even market if not a buyer’s market. Don’t expect to receive multiple bids in the first week on the market unless your home is highly desirable (ie, the White House).
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