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Do any of the real estate agents on here know how the cause and effects typically work in a given area when an area experiences a significant number of lay offs among higher income people? How long does the market take to shift from seller to buyer after such an event?
There are typically too many variables to model it rigorously (the laid off people may have other means to keep their house either off the market or priced high).
Right now only 5% of homes (non trailers or condos) in my area are below 300k so I am just watching and waiting for that percentage to go up but wanted to see if anyone knew what a good rule of thumb was for how long it takes mass lay offs to start seeing either short sales or forclosures. This is NOT an area where people can just go get another comparable job when things are in down turn, when you are out you are out until things pick up again.
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