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|Subject: Re: Real Estate investing a smart move||Date: 3/24/2011 10:44 AM|
|Author: StockGoddess||Number: 68704 of 82741|
Because she does not want to recognize the reality of the marketplace.
Well, that's entirely possible but YOU try telling my 76 year old mother that the piece of real estate she's been pinning her hopes of a cushy retirement on for the past 10-15 years may not be all-dat...
For the first 50 years she was investing in real estate, all it ever did was go up. I don't think she foresaw it could tank like this. She used to tell me RE was a sure thing....
She had one nibble about a year ago and she did come down in price quite a bit but the buyer turned out to be flaky, he couldn't get the loan.
She resides, by the way, in Michigan. If you look at CNN yesterday you'll see that it's the only state, out of 50, where the population actually decreased in the past 10 years. More people left Detroit due to unemployment and foreclosures than left New Orleans after Hurricane Katrina, and they're bulldozing entire neighborhoods. Detroit went from the 4th largest city in America to the 18th...Mass exodus...yes, the worst possible place to own real estate right now. Highest unemployment rates in the nation, IIRC.
25 years ago the auto industry was rock-solid, though, so who knew? When GM crashed, their suppliers crashed, people lost work, malls and small businesses crashed, houses repo'd, vicious cycle...
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