Why DC Real Estate is Still Doomed, part xviivibbq
(From the WSJ. )
DC: 34% of purchases from last 5 years are underwater. Prices still need to drop more than 26% before usual levels of income to home value are re-established. Economy is getting worse. This will mean more walk-aways, more forclosures, and continued drop in prices. I would add that, no matter who wins the election, tons o' that government & military spending will be going byebye soon, and this region will likely slide.
That, in a nutshell, is why you won't see me bidding on a house here until the real pain arrives. Things are going to get a lot worse before they get better, and there's nothing the bailout crew can do to stop home prices from cratering. They're out of bullets.