Fresno's "Go-Go Days Are Gone-Gone"
The Fresno Bee reports on the rapidly changing Fresno housing market.
During the go-go days, home sellers put their houses up for sale and sat back as would-be buyers jacked the price up with every bid. Those go-go days are gone-gone. With home sales in Fresno County off from last year by a third, sellers and real estate agents are more willing to negotiate...
Some people have been surprised at how quickly the real estate market softened because, unlike previous declines, this downturn is not accompanied by higher unemployment or a fundamental change in the economy.
2 comments:
this downturn is not accompanied by higher unemployment or a fundamental change in the economy.
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The first leg down has not, this was simply a shift in psychology.
Wait until the second leg in 2007 or so. When realtors, brokers and construction employees starting getting laid off in droves.
The third leg down, in 2007 & 2008, when 3 trillion of loans re-set will be the most difficult.
yeeesh!
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