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As long as illegals (and semi-Americans from U.S. territories, such as Puerto Rico) keep streaming into the U.S. in large numbers, the long-term future for U.S. real estate is fantastic!
Short-term, this is a correction - it will be painful ... commercial real estate is still doing decent, but that will likely get hit hard too come next year - but will correct within a year or so afterwards, but I digress.
Consider this ... it's widely projected that 100 Million more people in the U.S. by 2030 at current growth rates...
Heck, even if one is super-pessimistic and it's only 25 million more, that's still a heck of lot of people who are going to need housing, need stores, etc.
Rambling on ... anyways, as many have already pointed out, main reasons are prices went up too fast compounded by a severe credit crunch.
The time to truly worry, as in sell and move out of the country, is when the "illegals", etc stop coming in / many people leave for other countries - as of now, there's no indication of that happening ... if anything, more people than ever are coming into the U.S. - they all need somewhere to live!
And as that 'ol saying goes, they ain't making any more land ... well, ok that's mostly true - there are a few exceptions like Dubai, which are building and developing man made islands.
Ron
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Domagon - Website Management and Domain Name Sales
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