I didn't say that real estate speculation was new, I said it was currently in a bubble mode -- particularly in urban areas, such as NYC. In other areas, it's still possible to buy a house for $30,000 and in some hard pressed communities, they are actually giving people homes if they agree to live in them for 10 years.
Recently, in a fit of temporary insanity, I actually looked at buying property. The brokers, who were amusing for the first few outings, soon depressed me with their high-strung gibberish.
In terms of real estate speculation, I believe we're in for another wild ride. Interest rates, according to reliable sources and drinking buddies, are due to rise this summer (if not before).
Mortgage rates have already gone up.
It's difficult to give away property that nobody wants...it has no value.
I refuse to talk about this any more. It's not just N.Y.C. and California and some suburbs prices that are insane. Lots and lots of places have absolutely insane prices and real estate prices and houses and apartments go up and down and always shall. Oh yes,and EVERBODY has always said : " I JUST DON'T KNOW HOW THE YOUNG PEOPLE OF TODAY ARE GONNA MAKE IT."
Sheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeesh!