I’m not sure condescending is quite the right word, but the way we use the term implies someone who believes the market has bottomed despite overwhelming evidence to the contrary.

There may actually be nothing wrong with being a knife catcher in real estate in the future. Every person who buys an automobile, unless it’s a rare collector car, is buying a depreciating asset. I have a feeling that someday we may start to view buying a home as more similar to buying a car.