"Narrow Group Should Be Worried": CA, NY, FL
More odd articles are coming out of the WS Journal. This piece, after the obligatory calming setup, goes on to counsel homeowners on strategy in a price correction. "A slump in property prices might hurt speculators. But if you are an ordinary homeowner, I wouldn't be overly concerned, provided you have enough money for your next down payment."
"Chris Mayer, of Columbia University. 'I think it's a very narrow group of people who should be worried. It's high-end properties in New York, Florida and a couple of California cities. Outside of that, I don't think there's a bubble.'"
"Suppose you live in one of these markets, you are convinced property prices will crash, and you want to protect yourself. What are you going to do?"
The writer recommends a handful of options, none of which are that original. He especially doesn't seem to like the idea of selling and renting. "Even if property prices tumble, you might be out of pocket, once you figure in rental and moving costs and the expense of buying and selling real estate."
The gist of it seems to be; hold on, it's going to get rough and owners don't have a lot of options. Come on WS Journal, can't you do any better than that?