I am a long time Alaskan and while I was a very small child in 85/86 I have heard stories of being able to buy nice condos in south anchorage for around 20k (nickles on the dollar). As oil prices tank and the lay offs have been on going I am barely seeing a dent in various real estate prices. I have heard that the crash in 85/86 was extremely abrupt, prices crashed from full blown fleece to reasonable prices within a 3 month period. Was that because everyone was laid off enmass in one month where as now it seems like the lay offs are trickling out over more than a year so we are not seeing a huge glut of properties hit the market yet?
Do oil prices have to drop even lower? Adjusted for inflation we are not far away from mid 80's 10$ a barrel oil. I am hoping we have another year or 2 so I can keep saving up to buy a nice single family home with a cashiers check but I kind of thought with the lay offs we have already seen and the base down sizing that it would start being reflected a little in the market but there is no shortage of grossly over priced single family homes still.