[quote=Russell]I apologize sdr, I took it too far. I very quickly broke the ground rule I suggested of focusing on what was being said and not who was saying it.I believe the best I am ever going to do on this thread topic, is agree to disagree.Please note, I did not ask you for an explanation.If I did I apologize for that too. It could be fun to discuss our predictions, or just how amazing the bust has been.
Take care.[/quote]
Maybe sdr did somehow wrong you and if he did he will suffer with nitwit clients. I’m known here as the resident lunatic for some of my seething commentary that is mixed in with iconic satire that is lost on everyone. So I know all about bad company, “Rebel souls. Deserters we are called”.
That being said, your comments without context appear to be ramblings of a ticked off dude. The housing market should have been down 35-60%, but in newer parts of PQ, the housing prices are down only 20-30% and there appear to be less foreclosures than last year. The unemployment rate among college grads is not that high in San Diego and I know many people who can afford home on one salary. With the stock market down 50%, I would think that people would have lost money for down payment, but obviously I am the only person long stocks in America. With massive stimulus directed toward housing/mortgages, I don’t see much chance of prices falling from here without a big uptick in UE. That could happen, but with most jobs here living off federal welfare, I wouldn’t bet on it.
I am much less bearish than I was 5 years ago when we bought a home. There were articles in 2002 on msnbc stating that homes could fall 25% and that scared the heck out of me. Robert Toll was interviewed in 2002 and he stated that land prices follow cycles and that he wasn’t buying land because it was overvalued. He must have thrown caution to the wind with sales skyrocketing everywhere.
