Thursday, May 05, 2005

Everywhere is the Best Place to Live

Including some lost corner of Maryland according to this article.

“First District Councilman Sam Moxley, who grew up in southwest Baltimore County and bought his current house in Catonsville nine years ago, said he believes the market is stable.
"I do think the southwest area is the best place to live, work and raise a family," he said.
"We have convenience, we have services, great houses, safety and, most important, quality education."
Maybe so, maybe hype as well, but University of Maryland-Baltimore County economist Darryl Getter takes a different approach and draws a similar conclusion.
"When we talk about a bubble in the stock market or the housing market, we're talking about when prices go up because of speculation," he said, giving an economist's definition.
"Most people think it means housing prices are going to have to drop at some point, and that's not necessarily the case."
Although Getter lives in Annapolis and has no specific data on the Catonsville market, he "would imagine" that many UMBC faculty and staff, local airport employees and even Baltimore City workers would choose to live here, not just to invest in housing to”

Even if suburban Maryland has not experienced the speculative extremes of Miami, Manhattan or San Diego, because everyone wants a first or second home in those cities, it has still benefited from the cheap money that is currently available. Places like this might not collapse as quickly as other more cosmopolitan areas when interest rates move higher, but prospective buyers are still going to lower there bids when a mortgage rates move from 6% to 7%, and then 8%.

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Monday, October 10, 2005 1:40:00 AM  

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