Home prices are WAY out of reach for working people with land in Edneyville that was never good for anything but apple orchards going for 20K/acre. People in Henderson, Buncombe and surrounding counties have relied on a steady stream of Florida folks to bring in their money and pay the inflated prices because they are used to those prices where they come from.
The funniest thing would be that apple farmers used to spray mercury on their apples as a pesticide. I wonder how many of those new buyers are testing ground water. So, not only are they paying way too much for the land that puts their homes on stilts on the side of a hill, but they risk their health on risky water.
I did find a youtube vid that shows the stupidity of many homeowners who believe the realtors' hype that 'it always goes up'. Real Estate is a market and, like all markets, doesn't always go up. It can go down.
http://housingdoom.com/
is a good blog with links to other great blogs such as 'the mess that Greenspan made' or Dr. Housing bubble.
If you live in western NC and are planning to sell it might be too late already. Homes are sitting on the market with no buyers and sellers refuse to lower prices. Watch that youtube vid to see just how bad it can get and how ignorant homeowners can be when it comes to understanding markets.
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