Is your city safe from the housing crunch?
I’ve picked up some killer info from the latest news sources. You may not believe it, but some cities totally missed the housing crisis. That’s right, solid gains and sale volumes straight through the market crunch. And till now, no one thought it was possible.
The Federal Reserve Bank of New York has been studying some interesting reports coming in from all over the country. It seems that places that didn’t see such dramatic gains between 2000 and 2006 have been laughing off the latest crisis.
The report focused on upstate New York, but that’s just one example of many. Throughout the first half of the decade, no one saw anything really incredible going on up there. Just steady gains at a reasonable pace. But would you believe it? Since 2006, no one’s seen declines in home prices up there!
Those areas have been totally safe from the crash. It might seem obvious in hindsight. But that’s how most things are.
I mean, how many times have you missed a killer opportunity because you looked for flashy stats and a quick buck? And how many times have you been suckered into a raw deal that was too good to be true?
It can happen to the best of us, so don’t beat yourself up over it. But this latest report should be a wakeup call to all serious investors out there.
Don’t let yourself be fooled by huge gains. It might turn around to bite you where it hurts.
Find those properties that have kept up nice steady gains over the years. Make sure they haven’t gotten fouled up with any speculators or unnecessary mortgages. Follow those rules and you may have found yourself a good investment.
If you’ve got any wisdom to add to this, or you’ve seen this happen before, give us a shout out. I’m sure others out there will want to hear from you.