The Canary is DEAD - Housing bubble in bursting - 8/9/05

Thought you might want to know:

In many of the formerly hottest areas in the country Real Estate is flat and homes are staying on the market.

What will happen VERY soon?

For a few months some of the "investors" will hold onto their properties and lose money every month as they wait for a buyer. In the beginning they will drop the prices a bit or add some incentive without looking desperate, in order to sell.

After a fairly short period, those people that cannot afford to lose money every month will start dropping their price somewhat more drastically.

Many people that are not currently selling their homes will start to hear about the flatness in the market and they will put their homes on the market IF they cannot afford to lose money on the home AND NOT GAIN FROM APPRECIATION both at the same time (about 80% of the "investors" on the market.

In less than a year a great many people will find their homes that were "worth" a million will find they are now "worth" 600k and not selling at that price.

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