Bingo! I had so many arguments w my business collegues who were so brainwashed. I did not buy a house in the bubble thank god and was told i was an idiot, missing out, etc.
Only an idiot could not see that prices were a reflection of easier money and nothing in real value.
In my way of thinking , the only thing that really should push home prices up are increased wages and earning, increasing population via immigration, etc.
Not one single person during the bubble era could explain to me why housing was going up 10% plus a year while average salary much less a % and how that was real or sustainable.
One thing I don't see noted here is INFLATION. Anyone remembering jimmeee cawter also remembers hyper-inflation. So someday, when obamination inflation really hits, it'll be like the days when people who bought huge estates in the 1960's for (I kid you not) $50,000, were paying less for their mortgage in inflated currency than most RENTERS.
The problem is to keep property taxes out of the inflation picture, as prop 13 did in kalifornica, briefly though, it seems. Moonbeam Brown is going to take that one away pronto.
Barring property taxes to infinity, holding on to a house may be ok, if hyper-inflation is not too high a price.
Imagine an electric bill of $7000 and a house payment of $1,900. Don't think about gasoline...