Originally Posted by
Heuristic
Okay,
I'm a real estate appraiser in the Pueblo area and have been at it for 16 years. I've lived through the 2006-2010 roller coaster and made it out the other side. I can tell you we are heading for a massive downturn again. It's just a matter of when, so hang on.
- Values here are going up about 3-10% over the past 2 years depending on the neighborhood, which is now unsustainable. There are currently 20-25% fewer listings than normal pushing more market disturbances.
- The brokers and agents are screaming mad because they have full price offers on homes (way over priced to begin with) and the appraisals are coming in short, because there are no sales to support the contract price. Then I get called a lowball asshole because they didn't do their due diligence to begin with. (Fucked up brokers are a whole 'nother story)
- Market rents remain somewhat strong but FHA loans have become the new sub-prime lending source because they have relaxed the lending standards again, and people who should be renting are becoming homeowners. When you start to see 100% financing or ARM's it will have went full retard again.
I could go on....
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