Real esate buy, sell or hold?
December 3, 2007
You can’t blame America’s homeowners for feeling hopelessly confused. From suburban porches and city terraces, they’re gawking at a housing world gone mad. Just 18 months ago, folks on a tony Linden Lane or a leafy Boxwood Court were astounded to see the colonial their neighbors bought for $600,000 in 2000 sell for $1.5 million after multiple bids. Now they’re just as bewildered to watch the same model across the street go begging for months at $1.1 million without a single offer. Fortune reports
The millions of Americans who believed yesterday’s happy talk about housing are now paying the price, from couples who stretched to buy second homes, to true believers who drove the Florida condo craze, to executives who can’t take that great new job in Charlotte without suffering a huge loss on the house purchased at the bubble’s peak in Sacramento.