Evidence of a crash beginning...
In the last few months, evidence of a real estate crash has become overwhelming. Take a look:
*In Bethesda, Maryland-an affluent suburb just north of Washington D.C. - prices declined 16% in one month, from December 2005 to January 2006
*In Calaveras County, CA-a popular gold mining country tourist destination 90 minutes from San Francisco-lots that were selling for $100,000 in August can now be had for $50,000.
*In Miami, less than 14% of residents can now afford to buy a medium-priced home.
*In Las Vegas, CBS news reports that rising materials costs and falling demand have forced some builders to walk away from half-completed condos-instantly impoverishing investors who have paid as much as $41 million for non-existent apartments.
*In California, home to some of the country's priciest real estate, mortgage defaults have increased by an incredible 62% in the past year.
*Nationwide, the Census Bureau reported home sales fell 10.5% between January and February 2006. In the same period, the median price of a home fell by $6,900 or 3% in a single month.
View more @ NewsMax.com
*In Bethesda, Maryland-an affluent suburb just north of Washington D.C. - prices declined 16% in one month, from December 2005 to January 2006
*In Calaveras County, CA-a popular gold mining country tourist destination 90 minutes from San Francisco-lots that were selling for $100,000 in August can now be had for $50,000.
*In Miami, less than 14% of residents can now afford to buy a medium-priced home.
*In Las Vegas, CBS news reports that rising materials costs and falling demand have forced some builders to walk away from half-completed condos-instantly impoverishing investors who have paid as much as $41 million for non-existent apartments.
*In California, home to some of the country's priciest real estate, mortgage defaults have increased by an incredible 62% in the past year.
*Nationwide, the Census Bureau reported home sales fell 10.5% between January and February 2006. In the same period, the median price of a home fell by $6,900 or 3% in a single month.
View more @ NewsMax.com
posted by Phyllis Harb at 2:56 PM
