US: CNN Money on impact of California Real Estate Crash

[Tbear]

Good article from CNN Money about the situation in California, and the human impact…

In Money Magazine’s annual special report on real estate, you’ll see how homeowners in the greater L.A. area are coping and how the drama might play out here and in your hometown too. We’ll also answer some key questions for buyers and sellers in a game where none of the rules are the same as they were just two years ago, and we’ll look at five big changes in real estate that will outlive the crash.

First, however, the big question: When will the hurt stop? Judging from what’s going on in Southern California, it’s likely to be years, not months, before real estate blooms back to life.

money.cnn.com/2008/05/01/real_es … /index.htm

[windy]

@Tbear

Good article from CNN Money about the situation in California, and the human impact…

In Money Magazine’s annual special report on real estate, you’ll see how homeowners in the greater L.A. area are coping and how the drama might play out here and in your hometown too. We’ll also answer some key questions for buyers and sellers in a game where none of the rules are the same as they were just two years ago, and we’ll look at five big changes in real estate that will outlive the crash.

First, however, the big question: When will the hurt stop? Judging from what’s going on in Southern California, it’s likely to be years, not months, before real estate blooms back to life.

money.cnn.com/2008/05/01/real_es … /index.htm

I worked for Money Magazine for a couple of years .It is the premier personal financial magazine in the US with a rate base of almost 2 million people.
Its market is high earning professionals.

If its front and center on the Real estate crash it means that it is now impacting on well paid people ,who are its reader base,and is no longer confined to people with dodgy credit and lower incomes.

[ewd3]

Now few people or properties are moving up. The Manleys, for example, can afford to snap up a house that was out of their reach just a year ago - if only they could get out of their current place. (With a baby on the way, they need more room.) But there are homes nearby listing for more than $80,000 below their asking price. **Manley won’t slash his price, he says, “out of respect for the neighborhood.” **So they’re resorting to an unusual tack: trying to buy a distressed property and renting their place back to the owners. "

Jaysus Marley…