The Roller Coaster of Business
Life in the Real Estate business is like a roller coaster, it wasn’t so long ago that values were going up the stratosphere. However, when you’ve reached the mountain top there’s no other place for you to go but down. And that ’s what’s happening now. The Real Estate Boom has now gone bust.
The statistics are staggering. According to Standard & Poor’s/Case-Shiller Home Price Indices, 14 major cities has posted double-digit lows for single-family home values. Generally, it’s been down 12% since December 2006 with a possiblity of going further down by 10% by end of 2008.
The biggest culprit for this downturn: rampant speculation on property values during the past several years. “The areas that have seen a huge amount of speculation…are the ones that got nailed,” says Blitzer. “The farther up prices went the farther down they’ve come.”
Listed below is the five most hard hit cities:
1.Las Vegas
2.Miami
3.Phoenix
4.Los Angeles
5.San Diego
Filed under: News by Robert