[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?
I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
