Tuesday, December 04, 2012
OMG - It's A Frenzy!
Housing mania has returned. The grip to buy is immediate and tightening. Here is a Bloomberg article from last week about the frenzy in Las Vegas, where the housing supply is about 1.5 months, which is low. Foreclosures have disappeared and people are rushing back to the market. My own anecdotal example is of an acquaintance who bought an approximate 800 square foot condo for over $600K - sight unseeen - so not to miss the opportunity. Peoples' memories are short. Everyone needs to take a deep breath, step back, and tell themselves they aren't going to miss any opportunities in the home price rebound. It's been seven years since the housing market peaked and it's not going to regain all its lost ground in a few weeks.