posted on Mar, 27 2012 @ 11:26 AM
It has been crazy. They needed to come down but I still feel badly for those who are losing so much money on their homes, considering that is usually
someone's largest asset.
We have a major oil boom going on in our town and housing prices have skyrocketed. I moved down here 10 years ago upon getting married. Homes went for
about half of what they did in the city. A $500,000 home in the city could be bought for 250,000 down here. We also had a lot of city commuters who
lived down here because they could get twice the house for half the price.
It's not like that anymore and I see a huge real estate bubble forming due to the oil money. Hubby and I are looking into building a custom home but
might put it on the back burner for a while so we don't get screwed. I'm talking a 3 bedroom home going for $750,000 and being made of poor quality
materials like formica counter tops and linoleum flooring. It has become insane. And we would need something bigger and prefer quality materials like
granite, tile, and hardwood but I don't even want to think about the cost, not to mention it would be worth a fraction once the bubble bursts (and it
will burst eventually- it has to).
Vacant lots in the ghetto areas are seeking $100,000 just for 1/4-1/2 acre and we have oil workers renting modest homes for $3000-$7,000 a month.
People might be high on the hog right now but I think it's going to catch up with them and create havoc on our poor town when the cards come tumbling