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San Antonio really? Good luck finding a job that pays more than $8 an hour?
"Republicans keep giving tax break to riches who are moving to Dubai and eliminate middle class as they reason and do not vote for republicans."
Ummm...duh...OK...what else should I do. How does this relate to the story...Oh yeah, it doesn't. Let me help you...
I lived in Vegas for a while during the bottomed out market. Believe it or not, it had nothing to do with Republicans or Dubai. It had to do with a free market and banks trying to cash in along with individuals who were allowed to stretch their limits on housing through very "creative" financing. So vote however you feel you need to, but just making silly statements about politics and why everyone should think the way you do is mind-numbing.
I lived in Phoenix 30 yrs and watched it boom. I moved in 2003 to Montana and now my friends are buying homes that were outrageous in price for about 40% less. Just packed up my best friend and she sold her place here for quite a bit more than she spent for a very nice looking home in Phoenix. I have been gone quite awhile but all my friends down there claim the are selling quite low down there.
I like tyhe mountains and the four seasons. I lived in that hell hole for too long. Country girl at heart!
Recently visited friends in Sun Lakes, South of Phonix. Great place to visit. Some
awesome homes for 129,000. Would love to have a home like that somewhere
else. Born and raised on the East Coast and the desert just doesn't do it.
If I hit the lottery tonight, I believe I would buy a home there.
I would hope people take market influences into account for every area they consider and realize that what drove prices up in areas like the outskirts of Phoenix and many other areas will not be likely to do so again.
Real Estate demand revolves around hu****uch as New York City and Los Angeles as examples. Port towns and areas where there is heavy demand to live and do business are the most stable and will almost always be the 1st to rise in price and last to fall as well as usually not falling as far.
Phoenix and surrounding areas are very much like Las Vegas in that they are land locked and far from the 1st choice of where people chose to live. Not that they don't have appeal but the demand is but a fraction of NYC or LA.
When real estate prices in Phoenix and surrounding areas went up in price dramaticly it was a result primarily of overflow from more desirable areas and a part of the investment boom that had people buying homes like hot stocks.
Bottom line is that any market that is driven by financing will fall when financing becomes more restricted due tighter qualifying standards and higher rates. Couple that with a Job Market bubble that was doomed to burst and you have were we are now and heading south.