[quote=CA renter]How would you explain yourself, especially the prophet part, to the people that you were screaming at in 2001 who sold in 2005?
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In defense of the bears from 2001 (and I’m one of them), we were early, not necessarily wrong. If prices go below 2001 levels, inflation-adjusted, then can we admit that prices were over-valued in 2001?
It’s difficult to make predictions when the Fed and govt entities manipulate markets like they did. We’ve just seen the biggest credit bubble in history.
This was not a “housing” bubble. The normal RE cycle was topping in 2001, and it would have been the right call to hold off on buying IF the Fed didn’t let loose with the negative (real) interest rates.
It’s the loose lending that drove prices since 2001, not housing fundamentals, IMHO.
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CArenter. I wasn’t laughing at anyone who quite reasonably thought that things were getting out of hand in the earliest part of the decade. Of course you are right about the lending driving the bubble. I would like to see the Fed and lots of other parties brought up on public nuisance charges, but it isn’t going to happen.
Surely you can see the difference between the post I responded to and anything you have ever posted. you don’t seem to try to, incorrectly, paint all Realtors with one stroke.
“You RE guys crack me up! Yeah, 2 years ago you knew something was up but stood your ground??!! (and wisely?? kept your mouths shut? And still sold ADJ ARMS to the $14/hr. hairdressors??) Those of us who have been screaming banshees for the last 7 yrs. are now prophets in the rear view mirrors!”
Some people want to be fortune tellers again ,sometimes with much hostility, instead of debating or exchanging opinions with a tiny dose of humility. I guess it comes from real estate, especially in California, being such a high stakes game for many people.
