<b> The state of the bubble </b>
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Rory Moore, semiretired and a self-described "dabbler" in real estate, bought his neighbor's house in Los Banos, Calif. last May for $499,000. Make a few fixes, he figured, and flip it a couple of months later for a six-figure profit.
But then the property, listed at $699,000 in July, failed to attract even one buyer in the first 30 days.
"I could feel it in my gut that the market was changing," says Moore, 54. "The market had been crazy here, with 25 percent appreciation in a year. I could see the handwriting on the wall." By December, Moore had dropped his asking price twice, to $565,000, and he was dangling incentives like covering a year's worth of gas or utilities and 12 months of lawn service.
http://money.cnn.com/2006/01/19/real_estate/home_money_0602/index.htm
But then the property, listed at $699,000 in July, failed to attract even one buyer in the first 30 days.
"I could feel it in my gut that the market was changing," says Moore, 54. "The market had been crazy here, with 25 percent appreciation in a year. I could see the handwriting on the wall." By December, Moore had dropped his asking price twice, to $565,000, and he was dangling incentives like covering a year's worth of gas or utilities and 12 months of lawn service.
http://money.cnn.com/2006/01/19/real_estate/home_money_0602/index.htm
작성일2006-01-19 22:28
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