I think we have reached another turning point due the fact that financial markets are getting spanked. Has anyone paid attention to the craziness of the last couple of days? If things continue as they have been, we are going to see some serious changes in the availability of mortgages (which has already changed). Bye, bye easy money. The wind has shifted and more people are starting to smell the smoke.
However, I am still amazed by the folks who have a faulty nose. I was shocked to discover recently that a relative who I thought was dialed into the truth, admitted that he had begun buying up properties in another bubble market because he was getting a “good deal.” WHAT!? What is worse is the fact that he doesn’t have fixed loans and none of them cash flow. I felt like I was in one of those movie thrillers where people are falling under mind control and I suddenly realize that my cohort has been taken over.
