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January 26, 2008

Just remember: It could be worse

You might not love this housing market if you're a homeowner, but consider: At least your house is still standing.

The AP reports that a Russian woman returned home after an absence to discover that "her home was gone, torn down mistakenly by construction workers clearing a site."

"There was nothing left, not even a log," Lyudmila Martemyanova said, bundled against the cold and standing on a snow-covered lot in the center of the Volga River city of Nizhny Novgorod.

A local prosecutor, Nikolai Govorkov, said a construction company tore down the wrong building -- Martemyanova's, instead of one nearby that was marked for demolition.

Many Russians have faced what they say are unfair and inadequately compensated evictions from older housing being torn down amid the country's oil-revenue-fueled construction boom.

Posted by Jamie Smith Hopkins at 10:28 AM | | Comments (1)
        

Comments

I just read an article in Lore Magazine about how great Real Estate is in the long run - and I fully agree. The article was comparing Real Estate to the stock market and the debacles of Enron and WorldCom...and that real estate would "never get near zero value, short of an earthquake swallowing the property."
Some people may be frustrated with this market, and some people may take advantage of some of the great opportunities in this marketplace.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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