Real estate 'slide' becomes a reality

photo credit: mattymatt

There’s been a lot of talk lately about how the real estate market is on a downward slope, but it’s not meant literally. Unless you’re Kathleen Hendrickson that is.

A home owner in Orgeon, US, the woman recently experienced a pretty sharp decline in her property investment, as it, well, slid down a slope. Ms Hendrickson was at home when her house decided it’d had enough of its foundations and took a 300ft trip downwards, hitting at least three other properties on the way.

Luckily for her, neighbour Greg Sherwood came to the rescue and retrieved a ladder to help her out of the fallen home - miraculously no one was hurt in the other properties. The cause of the landslide isn’t yet known and investigators are looking for springs or broken water lines.

The great slide mark II

This isn’t the first time the town of Portland has had a landslide. During a particularly rainy 1996, residents heard the familiar ‘popping’ sound of an impending landslide and quickly vacated their homes.

This also isn’t the only property woe Portland home owners are experiencing. The Orgegonian reports that this is the worst time to sell a home in the state since 2007 and across the Portland area house prices fell 7.3 percent in August 2008 compared with the same month a year earlier.

‘Possible climate for a bargain’

So, if you’re a property investor looking for a bargain, try a hillside home in Orgeon. Just don’t be surprised if you pay a visit and find it 100 feet away from where you last left it.

[tags]real estate,real estate investing,property,property investment[/tags]

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