Like the last bubble, we know that when a bubble pops, it’s not pretty.
Unlike the last bubble, this time around, the amount of the credit extended to investors was unprecedented. This means that the number of properties being held by “specuvestors” is also unprecendented. So, it’ll probably be uglier than the early 90s.
It’s like watching a horror movie. 15 minutes into the movie, there’s some scary part, but that’s just to warm things up. We haven’t gotten to the REALLY scary part yet.
