Monday, December 22, 2008

California real estate sinkhole to grow in '09

Eight of the 10 worst real estate markets in the country next year are predicted to be in the state of California. The good news is smart people can start making the fortune of a lifetime right about now in those same places. With the possible exception of Stockton, which will remain a sinkhole no matter what happens.

(Even if this topic bores you, fans of good writing should give that second link a look. One of the most engaging articles on any topic I've seen in a long time. )

6 comments:

K said...

Don't expect huge gains like during the bubble years. The market won't turn around for at least another 2 years and the number of investment houses recently bought up by speculators is going to lower the rents substantially.

Mr_Magoo said...

Glad to see Phoenix is NOT on the list! Great article about the auctions.

I found your site a couple of days ago through the blogroll at Dirty Harry's Place. Have enjoyed it so far and bookmarked it for a daily read.

Mr_Magoo said...

BTW: The article about the auctions is a good example of how the market will correct itself (and sometimes surprisingly fast) as long as free market principles are applied. Interference by the govt can only hurt. Get out of the the way govt!

Splash said...

Thanks, Mr. Magoo! Great having you aboard!

K, I'm just bummed we live in the Pacific Northwest, where things have merely stagnated. But I guess that's a good thing overall. Better to have slow appreciation than a death spiral.

K said...

Splash, you might check out
http://seattlebubble.com/blog/

to keep on top of your area.

Splash said...

Cool. I'll check it out. Thanks.