So I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
