This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
