I guess since I haven’t petrified, I am a damn fool. But on the other hand, I have high blood pressure, a doomer attitude will surely kill me faster so I would rather be a happy gloomer living than a dying doomer.:-)
Agree there are a lot of folks being duped into bidding war right now. But do not agree there is accelerating/impending meltdown. With the government unprecendented rescue of the financial market, I am pretty confident that we will see a short economy up-cycle for a while (at which time, maybe even the GDP can turn magically positive for one or two quarters). The downward trend would continue on the economy after that, but I would argue quite a few inventory would already be taken out by the fools at that time(see my comment in: April 2009 Resale Data Rodeo). So we will never see the dramatical price decline that we saw last year ever again.