View Home Details $330,000 1029 W 151st Street, Compton, Ca 90220 Map it! Listing provided courtesy of C-21 Action Bedrooms: 3 | Bathrooms: 2 | Sq Ft: 1,200 Comments: No comments provided.
Posted on 06/20/2005 8:11:58 PM PDT by ambrose
FDIC warns of housing bubble:-
NEW YORK | June 20, 2005 8:22:17 PM IST
The Federal Deposit Insurance Corp. is warning the U.S. housing market is in danger of a serious disruption because some markets are ultra-pricey.
FDIC data indicate the nation's most overheated local housing markets now make up such a large share of the total U.S. market, a sharp fall in their values could stall or slow national economic growth, the Wall Street Journal reported Monday.
The agency found the 22 major metropolitan markets with the fastest-growing house prices account for 35 percent of the value of the nation's residential real estate but just 20 percent of its population.
It's a widespread boom and has macro implications, says Richard Brown, chief economist of the FDIC. A slowdown would not only hurt these markets, but the U.S. as a whole. (UPI)
View Home Details $330,000 1029 W 151st Street, Compton, Ca 90220 Map it! Listing provided courtesy of C-21 Action Bedrooms: 3 | Bathrooms: 2 | Sq Ft: 1,200 Comments: No comments provided.
The housing prices in the Phoenix area are ridiculous. Californians are buying up second and third houses purely as investments. I know it's a bubble, but who knows when it will burst. It seems like it has to pop, but that still hasn't happened in California.
Yep, I believe it. Florida will be one of the first to take a dramatic tumble. Here in the Dallas/Ft Worth area the prices have been relatively stable with small single digit increases. Florida can't keep increasing high double digits for much longer.
Tick, tick, tick.....
California has always been overpriced IMO and yet has never before experienced a bubble burst. I would be more worried in areas that have not usually seen housing prices as "overpriced," rather than somewhere like Cali.
My garden shed is bigger than that. And I'd sooner live in the Black Hole of Calcutta than Compton, let alone paying 300 large for the "privilege."
Is the armor plating on the inside?
Maybe it will pop when oil hits $70.00 barrel!
That would be interesting!
TLR
When shacks in Compton are going for 300k, it is simply one speculator selling to another, and then renting out to tenants at a loss, based on the assumption that they will be able to sell the same shack for a much higher price in two years. If that isn't a bubble, I don't know what is.
Actually Phx is a long way to catching up to Cali..The last time we saw a market like this in Arizona was the late 70's. People said the same thing then. We have never experienced much of a decrease before. Just a leveling off.
BTW, some predicitions for our area are expected through 2009.
We shall see...History says otherwise.
Hey it even comes with am armored porch light and obviously electric power. Such a deal. I bet it even has indoor plumbing.
Help...have a young couple, he's transferred from GA in the navy looking in Norfolk, VA and tell me they can't find anything as a starter home for less than 350,000 and I'm finding that hard to believe...anyone here that can help with what's happening in that area. They will only be there for 3 years so why not rent is my thought...I'm afraid of the bubble problem too.
That shack wouldn't rent out for more than $1100... $1200 tops... what's the mortgage payment/property taxes/insurance/maintenance on a $330k house?
Oh my God-----that has GOT to be a joke.
Right?
That looks like a nice house.
Yes, we're a looong way from Cali pricewise. My mom bought a 160K house about five years ago in Vista, north of San Diego. 1,200 sq. ft. two-bedroom; very nice, but very small. They sold it last year for about 400K, bought a new house free and clear in Prescott Valley twice the size.
I want to move to a bigger house, but the maket is so superheated right now, nothing good seems to stay on the market longer than a day. And I don't want to move 60 miles from downtown in order to get a "deal". Life's too short to spend it in traffic! :-)
I did some searches on the Dallas area recently... I was amazed at the sheer number of really nice homes that are still available in the under 200k range.
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