What Happened in Texas?
snip..
"What that tells me, even if it escapes him, is that his habits of investing haven't changed, but the venue has. To me, California, Florida and much of New England look like a replay of Texas in the '80s. Back then we had savings and loans financing "see-through" buildings, condos and houses being sold with buy-down mortgages, and a long oil-bust recession.
Littered with repos
By the time it was over, the spine of Texas, Interstate 35, was littered with manufactured home repos from Dallas to San Antonio. Virtually every financial institution in the state was busted. Dallas, Houston and Austin condo prices plummeted: There is no market when you ask people to pay cash because there are no lenders."
Full article...
"What that tells me, even if it escapes him, is that his habits of investing haven't changed, but the venue has. To me, California, Florida and much of New England look like a replay of Texas in the '80s. Back then we had savings and loans financing "see-through" buildings, condos and houses being sold with buy-down mortgages, and a long oil-bust recession.
Littered with repos
By the time it was over, the spine of Texas, Interstate 35, was littered with manufactured home repos from Dallas to San Antonio. Virtually every financial institution in the state was busted. Dallas, Houston and Austin condo prices plummeted: There is no market when you ask people to pay cash because there are no lenders."
Full article...
posted by Little_Silvered at 6:51 AM
0 Comments:
Post a Comment
<< Home