Tulsa Tops The List

The Wall Street Journal reports that Tulsa tops the list of conservative residential investors…

Tulsa, Okla., Albany, N.Y. and San Diego, Calif. have shot onto the list of the 10 best markets for conservative residential real-estate investors, according to an updated report by Local Market Monitor, Inc.

Top 10 Conservative Metro Areas*

1. Tulsa, Okla. new
2. Oklahoma City, Okla.
3. San Diego-Carlsbad-San Marcos, Calif. new
4. Albany-Schenectady-Troy, N.Y. new
5. Indianapolis-Carmel, Ind.
6. El Paso, Texas
7. Winston-Salem, N.C.
8. Cincinnati-Middletown, Ohio-Ky.-Ind. new
9. Worcester, Mass. new
   
10. Louisville-Jefferson County, Ky.-Ind. new

The October ranking puts Tulsa at No. 1 among 315 metro areas. Oklahoma City placed second.

Local Market Monitor’s report said Tulsa is one of the markets “that are not likely to create losses in coming years, and should produce steady, if unspectacular, returns in the future.”

Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20101007_32_0_Tulsas682520

Investor Friend’s Prediction was Spot On

I had a sticky note planted on my monitor (back when I used PCs) until the Great Housing Bubble finally burst. It read as follows “Edward’s November 4, 2005 prediction: U.S. will have a $3 to $5 Trillion equity loss when the bubble bursts.” That was so astonishing (if correct) that I kept the reminder of his prediction where I could refer to it at a glance. That was, until later when I asked him for an update of his opinion in August of 2008. His revised opinion?: “I was wrong. I’m looking at it being more like $5 to $7 Trillion in lost equity”.

He was spot on.

Dan Levy of Bloomberg reports:

Dec. 9 (Bloomberg) — U.S. homeowners have lost about $5.9 trillion in value since the housing market’s peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com.

Almost half a trillion dollars was wiped out this year through November as housing headed for a third straight annual decline. New foreclosures and higher mortgage rates in 2010 may hinder a rebound, the property data service said today in a statement.

Edward happens to be an investor and close friend I’ve known for over 30 years, from Santa Barbara, CA. It was on his information that I became contrary towards the housing market in January 2005 as I watched the market feverishly race towards disaster.

Believe me, I’ll be listening to Edward often as we navigate through this market.

Read Article at Bloomberg.com