Not far from New Jersey, in Pennsylvania, where I own a house, homes over 60 years old are selling for almost $400,000.00. Have it remodeled or rebuilt and it sells for between $500,000.00 and $600,000.00.
I'm wondering when the bubble will pop and leave people with a mortgage of $500,000.00 for a house that has a new market value of $250,000.00!