I actually had a constructive thought for once. I have said alot of times that RE is just the most interesting facet of the global credit glut. In times past when one part of our country was in recession people would move to another part. That is excepting the great depression, the last worldwide recession, people move to escape the effects of recession to areas that are more economically stable.
If this phenomenon is global, then the reaction will be global. People running from CA to say Amarillo will be no better off, despite having taken a chunk of equity with them. Then still be in a recession and most likely unable to get a job. How many people actually made enough on their house to buy another house free and clear, and stuck money away for a rainy day.
That makes the coming fall seem all the worse, because in the 90’s people were cutting out of SD and going other places. This time where will they run?
Random 3rd party: I do say ol chap, you sound just a tad to apocalyptic, can’t you lighten up?
Me: Why no sir. Ever since I lost my job and my insurance run out, I can’t afford the psychotropic meds that keep me stable, I’m forced to read piggington instead.
Random 3rd party: Dear lord! You mean to say that piggington is a substitute for proper medication, what is this world coming to?
Me: Dunno, but let me chew on your leg for a bit, while I think about it!
