Like I keep saying it’s only a matter of time. The Miami Herald ran this story on the front page this morning, “Miami’s housing ‘bubble’ biggest in nation”. The housing market is downright crazy in Miami. The home we bought four years ago has increased 70% without us doing a dang thing. Everybody in this town is some sort of real estate expert. It feels a lot like the internet bubble of the late 90’s when “everyone” was a web programmer. I blame a lot of this craziness to the ease of obtaining a loan, especially no interest loans. Mortgage companies have been careless in their loan approvals and some will lose more than their shirts. The market will correct itself. My only question is how much will the correction be and when will it occur. I’ll be bracing for a tough housing market here in the MIA with tons of supply and minimal demand.
Update 6/23/05 9:01 AM - While in Barnes & Noble last night I noticed that the computer section was shrinking. Guess what section replaced the two rows that used to house computer books? Real Estate. Isn't it ironic, don't ya think?
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