| The stock market continues to flounder. It's been the worst quarter since the 2008 financial crisis and all the major indexes are down more than 10% for the year. The problem started when the U.S. lost its AAA credit rating and was compounded this month by the financial crisis in Europe. At times, it has seemed as though the Euro itself may be an endangered currency.
I am going to close on the beach house on Monday. It's been the most difficult real estate transaction I've ever been involved in -- and I've been involved in many. This leaves me wondering how anyone can buy anything. That is, if someone like me -- with perfect credit and plenty of assists -- needs two months to get a conforming loan on a property where I am putting down 40%, then what about the Average Joe?
But things do seem to be moving. Right next door to my primary residence is a remodeled home that was on the market for $1.5MM+ and it is escrow after very little time on the market. It will be interesting to see how much it sells for ... anything over $1.3MM supports a value of $1.4MM+ on my (nicer) house. |