ER I think this misses the point about so-called ‘permabears’. I certainly don’t see myself (or many others) as one thing or the other, but I’ve found it useful to improve my short term memory, so a few jogs from those ‘bearish’ corners is a good thing. Furthermore, I don’t recall anyone saying prices will fall forever, but I do recall many saying prices never fall. For those (bears or whatever) who did buy eventually, it was probably out a sense of despair that the game was rigged and there was really nothing anyone could do about it. I personally don’t believe we are out of the woods yet, because of the overwhelming support for home prices and the swathe of foreclosures yet to clear through the system. I don’t think it has anything to do with being down on the economy, but more to do with being cautious. On the other side of the coin, I don’t see bulls either, just those who took a hammering during the downturn now seeking some false sense of vindication. It’s all a bit childish really.
