“JWM has been saying for as long as I can recall “why don’t people get this?” I think I was using the term “chicken little” for the really “negative” types at that point even though I was one of the most bearish ,especially for of the RE licensees. My apologies JWM(if you are reading). ”

When am I not reading (much to the chagrin of my wife).

“My guess, many people still think it is about “me”. My house value, my chance to time the market ect. ect. Something about forests and trees.”

You are probably right and deep down I know that is true as well because that is how I started out with my research into this when the Piggington site was really obscure and I had just moved to SD from Chicago in the Fall of 04. I started looking into the market when because I didn’t understand how the income levels could support prices of RE here. That was when I had discovered the exotic financing link. It took at least a year before I connected all of the dots into the mortgage lending industry and the excess liquidity spigot. At that point it became obvious that something nasty was brewing all across the country with some of the worst examples being here in SD.

The decision to not buy a house in 2005 was the smartest thing I have ever done in my entire life. Period. And that decision was hard fought because my wife was furious about it and I had her whole family railing on me over it. Now they don’t talk about it anymore.