Emergency parachutes deploy! deploy! deploy! Either the prices in silly places like this come way down to spur demand, or the developers go belly up and the banks and bagholders sell them at any price. Or both of course.
IDAHO FALLS, Idaho - There is such a glut of high-priced homes for sale in southeast Idaho that it could be years before they all attract buyers, experts predict.
"I see a huge slowdown on luxury custom-built homes," said Ryan Nickel, owner of Cherry Creek Mortgage in Rexburg.
Based on the number of homes available for sale and the rate at which they are selling, Jefferson County has a 20-year inventory of homes priced at $500,000 or higher, the Snake River Regional Multiple Listing Service reported. Many of the homes were built in anticipation of future buyers.
"You have investors who are just waiting," he said. "But it's going to have to hit rock bottom."
December 14, 2007
Here's a number you don't see very often: There's a 20 YEAR supply of $500,000+ homes in Snake River Idaho
Posted by blogger at 12/14/2007