The Montly Fool has a article about the housing bubble that I found interesting.
In our neck of the woods, things look pretty unhealthy. I recently came across an OK-looking three-bedroom, maybe 1,000 square feet. 1950s vintage. Needs a new roof and windows and updating throughout. Price: $500,000. If you’re screaming, you don’t live in the D.C. area. The showing agent expected prospective buyers to make an offer within two days, and, as is now usual here, to waive all reasonable protections like inspection clauses. To me, that screams, “Bubble!”
Thankfully I don’t have to deal with housing prices like that here in New Mexico, but we are dealing with the same sort of house buying frenzy that the rest of the country is. The 30 years house I looked at for $113,000 is a good example, cheap but still a lot for such a old house (that needed work!).