Right, there are places where you can still buy a house for under $100,000. And there are no bubbles in these markets. However, the amount of money and jobs linked to places like Southern California, Florida and NYC is substantial and could impact the rest of the economy.
To the best of my knowledge, the President is not slipping into a century 21 blazer and sneaking out of the White House in disguise to sell homes in the latest McMansion development or saying things like, "They ain't making any more land..." in speeches.
Silly and irrelevant.
Gloomwhoring is intended to suppress consumer confidence AND voter confidence.
Are you expecting 9% unemployment in California? From the third quarter of 1990 to the third quarter of 1996, average prices of existing homes in California fell 13 percent because the unemployment rate in California jumped from 5.1 percent in January 1990 to 8.3 percent in 1991 and to 9.9 percent in 1992.
California's unemployment rate was above the national average and did not dip below 9 percent until March 1994. The unemployment rate there today is what, 5.1%? Florida's unemployment rate is under 4%. Mortgage rates are low by historical standards and are declining. If unemployment, debt and mortgage rates aren't going to kill the market, what is?