Two years ago I was under the impression that the bubble was limited to so cal and a few select US metro markets. Now it’s clear that the housing bubble is well distributed throughout US and Europe. Thanks to CR and similar websites it clear to me that the turmoil created by the housing bubble will reach much farther than even the most bearish economists could have predicted. Tsunarmi, perfect storm, don’t even begin to describe the trouble ahead. I think average joe homeowner/taxpayer/investor is still is clueless just like the tsunami victims who watched the water recede and sat there and looked at the ocean bewildered. I guess this puts me in the pessimist club.
