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ex-texan is the willie green of housing. It must really suck to be around him. Pessimism bleeds all over everyone. I live in Fort Lauderdale, and my house is worth more than double what I paid for it 4 years ago.

Which means that your kids may not be able to afford housing in Fort Lauderdale when they having families of their own...............Until the wave of foreclosures devastates those who bought at prices they could never afford without gimmick financing.

One has to keep in mind how much of the price inflation represents true value and how much of the price inflation is only made possible by the extremely risky financing gimmicks that will leave your kids either homeless after foreclosure or slaves to a mortgage where the principal will never be paid off.

In 1929, every Tom, Dick and Harry was buying hyper-priced stocks on margin and with ......interest only loans.

A recent article in the Wall Street Journal had this to say: "Interest-only mortgages were the *standard mortgage in the 1920s*, but they disappeared during the Great Depression, and for good reason ... the drop in real-estate values during the Depression pushed a large proportion of interest-only loans into foreclosure. Lenders switched entirely to fully amortizing loans, and that has been the standard mortgage loan since."