[austinite]

There is no bubble, nothing to see here. Move on.

[wizr]

"Who cares if the average income family can no longer afford the average home. Don't worry. Their money is unimportant. They should be renters anyway. The big players control the game now, the little guy is insignificant now and forever.

Housing will appreciate 10,15,20% a year, year in and year out- forever. Don't ever expect a correction. In just ten years the AVERAGE house will be well over $400,000, pricing completely out the average worker, which is a good thing in the long run for the invester class."

Spoken like a true plutocrat. Look it up.

[bigsigh]

I think there may be some geographic or price level bubbles. But, my money is on the low end of the market in Southern Cal. Population driven and seeing 10 offers for a $300,000 condo. People driving over the mountain from Victor Valley to work in the LA basin.

When the population decreases wake me up.

[Kevin OMalley]

BFLR = Bump for later reading.

[chris1]

I wish houses near me were 400k.

[Always Right]

Bubbles are local, most places won't see any fall and those that do, there will be a fairly soft landing, perhaps a 10% fall. Of course if you had 20-30% runnup over the last year, a 10% correction is not a big deal. Fear-mongering bubble heads.

[wolfcreek]

We tried to buy a house in Austin and were basically priced out. We found a great deal in a neighboring county that was well within our budget. If our house was in Austin city limits it would be worth 3 to 4 times as much. I think I'd rather just have a home I can afford NOW and not woory about trying to make it our nest-egg.

[kabar]

And yet home ownership goes up every year.

[cynicom]

Only one lesson here, don't be the last guy in.

[kabar]

Per the WH

"The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes."

Increasing Homeownership

[woofie]

[xzins]

Who cares if the average income family can no longer afford the average home

That hardly makes any sense at all.

The purpose of a house is to live in. If people cannot live in it, then it has no value at all.

[Amish with an attitude]

As Greenspan has suggested, no basis in reality. A 2% rise in mortgage rates will squelch this "Real Estate" boom as fast a it began.

[Fitzcarraldo]

Housing will appreciate 10,15,20% a year, year in and year out- forever. Don't ever expect a correction. In just ten years the AVERAGE house will be well over $400,000, pricing completely out the average worker, which is a good thing in the long run for the invester class.

Buy a house if you can, actually buy 1,2,3 as many as you can!

There is now a rental explosion in my area in Socal. Fewer and fewer families can afford to buy houses.

[Nonstatist]

No money down, and paying only the interest (if that) will boom any market. You'd have to be a BLITHERING idiot to think this will go up forever.

[agrarianlady]

uh oh . . . /grin