Wednesday, November 19, 2008

Good News! Real Estate Crash Over

I have lost count how many times I've seen this headline. Well, here it is again from

5 Cities Ready to Boom

1. Seattle

2. San Francisco

3. Washington, D.C.

4. New York

5. Los Angeles

Really? New York City is ready to boom? Good lord does anyone in the MSM have any clue at all? Seattle eh? Home of Starbucks, the company that just closed 600 stores. The home of Boeing which is about to head into one one hell of a tailspin as the global economy enters depression and demand for travel has plummeted.

As always the argument is something like this; now is a great time to buy. Real estate never falls. They can't make any more land. Oh and now is a great time to buy.



Mammoth said...

Re: Seattle, you mentioned Boeing & Starbucks. Don't forget to add Washington Mutual, recently bought by Chase. They are going to lay off ~4,300 people here in Seattle.

Keep an eye out for what happens next in the Seattle housing market. it won't be pretty...


Ed said...

Of course, WaMu, thanks for reminding me. So many companies laying off so many people these days, who can keep track of it all?

But hey did you hear, there is a new Treasury Secreatry so house prices should be up 74% next year.