We're all doomed. Doomed!
DOOMED!
ping
Which is why when this goes south, the hole it makes in the ground will be a big one.
Isn't it a F.R. rule that "ex-Texan" needs to post such items?
In case you missed it, mortgage rates hit a 7-month low today, and new loans and refis had their biggest spike in 5 months. Activity in NYC has really picked up in September (I know, NYC is "different", but still)
Gloom and Doom is Fun
Why didn't you say this article is from June 16, 2005?
Jun 16th 2005 ?
Your article is more than a year old?!! That's one slow wave you're waiting for. You and the other doomers are going to get pretty lonely waiting for that wave to finally hit the shore. This should be a cautionary tale alright. Why is it gold bugs choose to purvey doom even when the story is 18 months old and never happened?
Hmmmm
I bought Los Angeles area condo in 1995 for 78K. It is now worth $410K.
My 5.0% (15 year with 10 years left[ mortgage payment is apx. $700 a month] ).
But who the heck knows?
In comes the waves?
I thought it was.....it isnt until the tide rolls out until you see who isnt wearing a bathing suit?
Barring unforeseen circumstances, I don't plan on selling my home regardless of whether the price is inflated or deflated, so the "bubble" doesn't matter to me.
The only effect I saw caused by all the "sky is falling/the bubble is bursting" articles over the last few months is that the municipalities hurried to reassess everyone's property when the prices were skyrocketing so they could raise taxes. When the bubble bursts, I can't imagine any reassessing to lower taxes.
Hmmm. I always wonder why some articles say this could be so bad it could lead to a "recession" and I keep thinking, what is to stop a worldwide "depression".
When I started researching this about six months ago, I was actually surprised to see that this was not just a US Phenomenon. Heck, even Ireland is in on this.
This does give at least a little more credibility to those who have been saying this is not a normal real estate cycle.
Things are gonna get interesting in 2007.
bttt
FYI