[larrydallas]

I think peak real estate is a reality. My house was built in 1958 and is about a 15 minute drive from the center of Houston. When built new it was mostly an area for rich people for what was then a suburb of the city. They built some apartments around the area in the 60s and up until the 70s it was all okay because population was still low and rents were high.

Come the 1980s Houston was overbuilt so people started slumlording and leasing to anyone with a pulse. The area deteriorated and house values crumbled. We moved in back in 1997 when gas was 99 cents and everyone who was not buying a McMansion was a total loser.

I have not lived here nearly as long as the man across the street who has been here since the 60s. He is retired and sort of crazy so he goes and protests the valuation the county tax dept. asseses each year. I think his house is at just over $100K. The house next door to mine sold a few years for $230K for an 1800 sq ft. one story. Both me and the man across the street are pissed as hell about this. We are not real estate traders that buy and sell the same day. We intent to live here a long time but prices like this are hurting our taxes.

In the past 6 months I have noticed so many homes for sale in this area . It's just crazy. Either there is mass unemployment or under employment and maybe those creative loans on McMansions are attracting people in our area away. I'm thrilled by this and hopefully prices will go down. When it hits rock bottom I plan to buy another house in this area to sell at a later time when PO really hurts the Mcmansion and people start coming back to the areas that were built before the 1970s.

I just fear getting total jack*** neighbors that will try to McMansionize the area by cutting the trees, pouring new concrete, having a chemical lawn, etc..