[quote=briansd1]
Tsunami was hyperbole. I believe the term became part of the vernacular since the tsunami in Asia.
We all know that’s not how real estate works. There is no singular event that will wipe out values in on sweep.
Economic decay happens slowly and that’s what is happening in real estate. Inflation is also masking the price drops.
But if you sum up all the economic ripples that affected real estate since 2006, and the ripples that have yet to reach us, they would add up to tsunami if they all hit at once.
That’s why I maintain that patience is key.[/quote]
Maybe you should read back at all the tsunami warning over the last 2 years. Some say we should see one this year due to the option ARM loans. Take that tsunami w/ this BofA news and I’m expecting to see a wipe out of both comes true.
Sorry, but inflation is a good thing if you’re locked into today’s loan at today’s $ value and today’s interest. FYI, price drop of 50%+ in some are is hardly what I’d call a slow decay.
