All Markets Not Equal… Real Estate is Always Local…
Worst Housing Markets Forecast in 2011
Hammered by homeowners who can no longer afford to make payments on their properties, Bend, Oregon leads the list on the worst 25. Two gambling centers, Las Vegas, Nevada and Atlantic City, New Jersey follow where millions of investors made their bets on real estate instead of putting their money down on the table without even knowing it as bankers gambled their assets leveraging their loan portfolios as high as 40 to 1.
There is no one story. For each of these markets there is an individual story… a unique set of circumstances that causes these projections. Further, within each of these markets there are other stories… other conditions that are missed even at this seemingly “detailed” analysis. For there are neighborhoods within each of these cities that have brighter outlooks; and yes to be sure, there are neighborhoods with truly dismal outlooks. Each must be examined independently to know the real story and to determine if and how those fortunes can be improved… how they are likely to change.
So I repeat, there is no one story… The tendency to over simplify may sell ads… it might even lead us toward greater hope… but it does not offer the real story and information on which the wise would make decisions.
May the market be with you.
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