I see the same thing here with Salt Spring Island Real estate. It is selling and people still have money.

Cheers
Scott

http://www.escapetosaltspring.com/

Most of my marketing is to counteract what the media says about the market. Salt Lake continues to have one of the hottest markets in the country. And nobody is reporting it? They're still talking about the bubble.

Peter-This is what we can do, we are in the trenches, we can report the truth.  I agree with you, true journalism is gone but we can make a difference. One Real Estate Professional at a time.

Peter

Remember these are the same people that devote weeks and weeks and thousands of words to Anna Nicoles baby and Britneys haircut.

I live in a town were WCI Communities (publicly traded symbol WCI) is located. They are a flailing home building company.  The "news" is aweful.  Regurgitated.  The same story is recycled dozens of times and spit out in dozens of blogs. Up to two months after the fact the same NEGATIVE story is recycling.  I don't think there is that much bad news.  It's just the same trash and buyers and sellers of real estate are being mislead.

Aside from the Dwek matter, Kara Homes, and Hovnanian's national losses... most of Monmouth County hasn't yet seen much more than an adjustment.  The anticipated problem with mortgage reset  isn't necessarily fatal to affluent bedroom communities whose borrowers have steady employment and easier access to resources than most. But what about other areas?

In Florida, for example, Hovnanian (and others) were (over) developing land as has been the complaint about Monmouth's open spaces.  Simplistically, sales of new units went flat, and then Hovnanian (and others) slashed prices, flooding the market with brand new, bigger, and cheaper housing. Sellers of existing housing couldn't compete.  The subsequent decrease of value prevented many (tens of thousands) from refinancing from 'teaser' rate loans, and unable to sell for what was owed resulting in foreclosures and bankruptcies.

It's happening all across the country.  Could this happen here? 

(yeah, I'm getting tired of reading the same, recycled info as if it were news.... But the Britney story, Anna Nicole, the disappearance of college students, mountain climbers... even Imus' comments about the Rutgers basketball team.... are blown out of proportion and we become so easily distracted from important stuff like Iraq, Iran, global warming, adios Habeas Corpus and the Constitution, torture, illegal wiretapping, billions upon billions of unaccounted dollars, a real discussion about the events of 9-1-1, etc.)