Most people who have bought in the last 2 years are probably lucky to have any equity at all, much less 50%. Another reason national averages can be misleading. A lot of people are upside down.

We’re starting to see the shift most of here have known to be coming for a few years now: the market peaked, people are out of money, and things will slow down a lot.

There’s an article in the LA times today about the cable TV shows that thrived off the housing boom now being revamped for a changing market.

Mainstream is just now catching on and saying, “yeah, we knew this was coming” when we know for a fact they were the ones calling the bottom a year ago. Or maybe now they just listen to people like Rich who saw the emotional, irrational exuberance from the get go.