I met with a seller who was losing his house the other day who had an interesting theory. He said that the terrorists sure got their victory when they took out the financial district. It didn’t come immediately, but the cause-effect relationship of our boom times post 09/11 created the mess that we are currently facing.
I thought that was a very interesting theory; however, nothing could have created such a monster but greed.
How will the bailout take it’s toil on local real estate? well hopefully things will start selling again. However, the short sale business may dry up in the mean time. I’m not sure what will happen with the short sale side of things. I was actually hoping for a little more pain on the side of the banks. I didn’t think the REOs (bank owned properties) were selling for low enough.
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More later.
Marc
P.s. I saw my good friends in Dallas this past week. We were down for a Roop-Doran seminar hosted by by friends Richard Roop and Dan Doran. We had a great time and reconnected with old friends. It is truly the best time to be in the real estate business.
