High End Mansions & Luxury Homes Prices Tanking
Forward by Steve Dancer – Builder / Investor / Mentor
OPPORTUNITY! Here we go again! I was a young homebuilder and house flipper in the 1980’s when the last major oil bust hit. Yes there has been several other downturns but nothing like the 1980’s and now. The 1980’s bust was much more signficant then in that Houston was so dependent upon the oil biz and mortgage rates rose to an all time high at 15% and higher. Today, standard rates are at about 4%. It goes without saying that if rates were at 1980’s rates today, there would be real estate blood in the streets just like in the 1980’s even with a more diverse job and industrial base that Houston enjoys today.
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