Economist Likens Housing Bubble to Dot Bomb
Like most economists, Joe Keating used to downplay the likelihood of a housing bubble.
That was before sharply escalating home prices in markets including Florida started adding up.
"In selected markets, housing prices have risen 40 to 50 percent . . . some isolated cases for waterfront properties are up 100 percent in a 3-year time-frame," Keating said during a visit to Tampa last week. "Personally, I do believe there is a chance of a bubble. I'm a better seller than buyer in real estate for the moment for speculative purposes."
Keating, executive vice president and chief investment officer for AmSouth Bancorp., zeroed in on those buying condominiums and single-family homes intent on flipping them for a fast profit. They're entering eerily familiar, and dangerous, territory. More...
That was before sharply escalating home prices in markets including Florida started adding up.
"In selected markets, housing prices have risen 40 to 50 percent . . . some isolated cases for waterfront properties are up 100 percent in a 3-year time-frame," Keating said during a visit to Tampa last week. "Personally, I do believe there is a chance of a bubble. I'm a better seller than buyer in real estate for the moment for speculative purposes."
Keating, executive vice president and chief investment officer for AmSouth Bancorp., zeroed in on those buying condominiums and single-family homes intent on flipping them for a fast profit. They're entering eerily familiar, and dangerous, territory. More...
posted by Little_Silvered at 10:11 PM
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