Are Your Neighbors Contrapreneurs?
The American newspapers are presently full of stories about declining suburban home values and the galloping foreclosure rates, mainly in the coastal markets. (The erstwhile “hot” real estate markets have turned bitter cold.) As more and more foreclosures get dumped onto an already over-saturated “buyers market”, there is a strong likelihood that prices will spiral downward. Anyone that bought a “spec” house is now trying to get rid of it, even if means taking a loss. The downward pressure on house prices is likely to continue for several years in the coastal areas, and in few inland markets like Phoenix …