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Gas Prices Causing Home Values to Drop

by Steve
6/19/2008 08:12:00 AM

The Associated Press ran an article yesterday saying the rising gasoline prices are causing people to reconsider their home buying choices...
Gas prices, which have shot up $1.07 this year, are magnifying demographic trends that show more younger buyers and empty-nest seniors are moving back to urban centers. If gas prices continue their ascent, this could have profound consequences over time on the future development of American cities and suburbs and modes of transportation.
Read the full article here...

http://news.yahoo.com/..../ap_on_bi_ge/gas_prices_home_buyers

The article goes on to illustrate some workers passing up that house in the suburbs to live downtown, closer to their jobs. Others are finding homes and jobs located right next to train stations.

As gasoline continues to rise higher, will it cause Menifee property values to decline further?

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1 Comments:

  • It make perfect sense to me. If there are not enough local jobs to support a mortgage and property taxes and gas is too expensive what are you to do? Walk away and rent a apartment near the job centers...

    By Anonymous Aaron, at June 19, 2008 10:51 AM  

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