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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
This photo is schocking for those that have forgottent that real estate is not a liquid as securities.
ReplyDeleteInventory is building in dc. And the days a property sits on the market is longer than it was months ago.
But this a return to the norm. Last summer's peak was the exception.
I sold in NW DC in Sept and I have not seen a pic like that in YEARS. OOF!
ReplyDeleteIts greating having my camera phone. It is another tool to be used against shills like David Lereah and John Marcell.
ReplyDeleteLooks like Conn in the late 80s when the martket was crashing. You couldn't go down one street without seeing two or three for sale sign per block. I saw it happen in conn in the 80s, the bubble burst there, but this time it will be much worse. I bought my house from a bank for 50k less than the previous owner paid 3 year prior which was a 33% price reduction.
ReplyDeleteA clarification: It is not 4 rowhouses. Each rowhouse is a condo with (I believe) 2 separate units. So it is 4 units that are available, not the whole house.
ReplyDeleteDavid that photo is classic
ReplyDeleteMy theory is all the smart money pulled out of real estate and are slowly investing in stocks.
How many people in DC make how much money?
ReplyDeleteWe hear about all these GS-14s and GS-15s and high level lawyers and lobbyists, but how many are there actually?
I think I remember (very vague- could be way off) some stat about the average government worker making like 70-80K in the DC area. So there aren't that many people making enough to afford 400K homes, are there?
Previous Anon,
ReplyDeleteThey don't all work in Gov't. Lobyist lawyers and in Fairfax you have the internet and all of the Homeland Security based companies. his is a very wealthy region. And 70-80k aint bad for govt work.
No, it isn't. But is it enough, and are there enough earners, to support a market where condos are 400K and houses more than that?
ReplyDeleteHere is my collection of pics of 'reduced' signs.
ReplyDeleteWas renting in DC. Now happily renting in VA.
DC Housing Bubble: Popped