“You suggest the housing bears come here to see their perspective supported. Ever since you first posted, I’ve wondered why you’re here. Might I suggest that you’re the one with doubt seeking reinforcement.”

That’s exactly what I was thinking. And to think of it I have seen a little blip of new posters in the last few weeks that seem to be defending their recent purchases or rationalizing their upcoming purchase. Now the foundation of this blog is the presupposition that we are in a housing bubble.

“Southern California Housing Bubble News and Analysis”

That is very clear and concise. Anybody taking the time to come to this site and read posts and then take the time to post either wants to have their current views on housing confirmed (guilty , I also need this as an outlet as I wait it out)) or has serious concerns and doubts about the current state of housing. I think that Myito’s post was very sincere and authentic and I personally think post like these enrich this site. What I see in this thread is what I think is the greatest conflict in this current state of housing. The potential devastating financial consequences of the housing bubble as clearly outlined in Rich’s blog juxtaposed to nesting instincts. There is an unspoken social contract that owning your ouwn home enhances your security and much of this is predicated on a myth that home prices never fall. IMO the current state of housing does not offer this security. Look at the front page of this blog and look at that graph of NOD’s and NOT’s. That is nothing less than shocking and unprecedented. There is a human story for each and every one those NOD’s and NOT’s filed. Some were greedy and stupid and deserving and some were just everyday people that don’t have the time to truly analyze the financial consequences of their actions and got caught up in group think. It will be interesting to see how that social contract of owning RE is altered after this thing plays out.