Word: booming
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...worse, but in certain mid-tier markets--like Cincinnati, Ohio; Dallas; Milwaukee, Wis.; Salt Lake City, Utah--prices didn't appreciate as quickly as in the hot zones, and aren't likely to fall as fast. In places like Phoenix, Ariz., Las Vegas and Los Angeles, epicenters of the boom, look out below...
...which he bought for $280,000 in 2002). It wasn't easy. Hymas relandscaped the yard, spent $7,000 on kitchen upgrades and eventually dropped the price by $18,000. "People around us still live with a heyday mentality," he says. "They got used to the boom and were asking ridiculous prices." He made a command decision not to be greedy and moved...
Whether the eight-year boom was really a bubble remains a matter of debate among economists. No less a sage than Alan Greenspan started warning of "froth" in the market in May 2005--and the Fed has raised interest rates 17 times, at least partly to dampen speculative housing activity. Yet the party outlasted several years' worth of doomsday predictions. And for every bubble guy, there's one who thinks prices overall are about right, given mortgage rates that are still low by historic standards and other measures of affordability. "My view is that the run-up of home prices...
Still, the slowdown seems certain to take a toll on the economy. Housing activity accounted for a full percentage point of last year's 3.5% GDP growth. Psychologically, rising home prices have made homeowners feel wealthier--just as stock prices did in the dotcom boom--boosting consumer confidence and spending on everything from cars to restaurant meals. Those rising prices, along with low borrowing costs, led homeowners to cash out a record $450 billion in home equity in 2005--money pumped into the economy. Rising interest rates have clogged that artery. And each month millions of homeowners have to write...
...federal government “absolutely, outrageously flawed,” Horne says he still believes in the future of New Orleans. With tax credits and federal aid now pouring into the city, Horne says, “New Orleans could be on the cusp of another boom.”Horne, who was a member of The Advocate at Harvard, says his time at Harvard prepared him for the challenges of Katrina because the civil unrest of the late sixties prepared him for “reporting on anarchy, chaos, disintegration, and failures of leadership?...