Hype, it is good that the delusional knife-catchers who are buying now are getting out of the way when it is Piggingtonians’ turn to buy a west coast “dream” home in about two years. Less competition is much appreciated for prime properties at much better pricing available in 2009-2010. Some of these starry-eyed knife-catchers today are counting on perpetual housing price inflation. They got lucky before – now they think more of the same such that if they upgrade at double the price, they could also double the luck and increase their profit if they sell the new one down the road. With so much blind optimism, some of them might even “accidentally” end up carrying two mortgages (can’t sell the old house). They will implode their net worth. Who will come out financially strong and whole in the end? I hope many Piggingtonians do.
