I tried to go back to edit my post,but couldn’t. Here’s the problem. We have people like docteur, an old timer who has seen bubbles come and go, and he is in thick denial. He goes around and checks with his neighbors on their financial situation to reassure himself that it can’t happen in his neighborhood. After all, they have all told him they can afford their homes. Wake up, docteur! You’ve got one NOD in your neighborhood already, and none of your neighbors are going to tell you if they are sleepless at night because they don’t know how to make their payments in 2008 when their I/O loan adjusts. You should have been a leader, a guide for us. Instead you bring around a bunch of BS about replacement cost. Land is 80% overvalued, labor and material costs are too high because of the building glut. In 2 years, you’ll be able to hire contractors and buy supplies for a fraction of today’s cost. I am disappointed that someone of your caliber is in such deep denial.
Thanks to Rich, bugs, privatebanker, lindismith, hs, rseiser, jepsd, Jim Klinge, Bob Casagrand (my MAIN teacher on real estate), 4plexowner, Chris Johnston, SD Realtor (Adam), John Hokkannen, asianautica, and any others I may have forgot. You were my true teachers on this board.
Perhaps someday this forum will mature.
For now, we need to stop debating whether housing will collapse 50%. Who cares if it is 48% or 52%? It is going down, crashing, far. It is beyond debate.
What we need to focus on now is what to do with our money, how to find financial security, how to survive the biggest recession of our lifetimes.
Until this forum moves in that direction, I just don’t have time to hang out here anymore. There are much more presssing needs to which I must attend.