Word: bustedly
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...Still, while a growing number of agents are dealing with the loss of their homes, others are optimistic that the end of the end of the real estate bust may be near. Sales are up as much as 30% in many of the hardest hit markets, such as Los Angeles, Miami and Phoenix, in the past few months. "October was our best month in a year in a half," says John Huebner, a real estate broker in Orlando, who manages three Century 21 offices. "And this is the time of year when sales are traditionally slowing...
...rates that were lowered to zero by the Bank of Japan. Even so, Japan's banks, which were in the process of repairing their balance sheets, were extremely reluctant to lend. Thus, even though interest rates were low, the economy weakened. Prices for pretty much everything declined, following a bust in the real-estate and stock markets in Japan. The country entered a decade of stagnation. (See pictures of the Top 10 scared traders...
...when property prices began to fall last year, people like Lepik, who had grown accustomed to making 50% a year on their real estate investments, suddenly struggled to sell. As the banks that helped finance the boom clamped down on credit, dozens of companies went bust. Land on the outskirts of Tallinn that had cost $0.50 per square meter in 2000, and peaked at $90 per square meter in 2006, now fetches just...
Nobody is calling it a bust--not yet, anyway. Small to midsize builders like Ahmed are still operating, and 70,000 visitors attended Dubai's Cityscape property show recently, where projects worth some $180 billion were announced. Yet Dubai is vulnerable. As the gulf's business, transportation and tourism hub, it is more entwined with the global economy than many of its neighbors. And Dubai never enjoyed the profits from oil and natural gas that enabled sister emirate Abu Dhabi to amass a vast financial cushion...
What is the future of risk? In the short term, an era of risk aversion is sure to continue, as financial outfits, gripped by the fear that something more will go wrong--loans not paid back, a company on the other side of a trade going bust--pull back on everything from the creation of complex securities to credit-card limits...