A good time to stay away from RE purchases unless we
luck into a bargain or into the ideal place for us.
From vdjor AT yahoo.com Wed Nov 1 15:04:33 2006Return-Path: <vdjor AT yahoo.com>
http://lists.ibiblio.org/mailman/options/homestead/vdjor%40yahoo.com
>As much as 30% of California's employment increase
in the last few >years was in housing, agents, brokers, carpenters,
etc. With the >economy slowing in general the housing bust will
only add to the problem.
An even higher percentage of Arizona economy is tied
to real estate. It has been the largest economic factor for about 40
years. Arizona is number two in population increase after Nevada.
Las Vegas has posted phenomenal percentage gains, skewed because
LV has a relatively small population so a given number of
people moving in more strongly affect the percentage of gain. I wrote
in my book about how LV bought a large ranch north of town for its
water rights--without those rights, growth might be
stymied.
Most people are unaware of how many people make a
living in real estate. Here is a partial list of those involved in
new home production: appraisers, surveyors, developers,
grading and digging equipment operators, pipe manufacturers, road
contractors, concrete plant workers, utility company workers, builders,
manufacturers of cement, wood products, electrical, plumbing and
roofing materials, concrete contractors, framing carpenters, roofers,
plumbers, electricians, finish carpenters, manufacturers of
doors and windows, flooring products, paint, faux stone, brick, kitchen
and bath and lights and heating and cooling units, furniture
manufacturers and salespeople, insurance companies and agents, title
companies and escrow agents, mortgage companies and reps, real
estate companies and Realtors, moving companies, landscapers. And all
those receptionists, secretaries, bookkeepers and accountants that keep
the various offices functioning.
Those involved in the resale market are fewer but
still a very substantial workforce.
As long as people continue to flood into Arizona it
will continue to be a solid real estate investment market, both for
homeowners and investors. Until I lived there I thought it was a
barren desert. Now I know that it has more water than it needs. Because
it is a desert with minimal rainfall, Arizona has had water
planning for decades and it has paid off.
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