[quote=svelte][quote=an][quote=svelte][quote=an]
Yes, every crash is different. Not every crash cause everything to crash. Oil prices in the 70s caused massive inflation and housing went up almost 10x.
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The stock market crashed in the 70s.[/quote]
But not housing. Like I said, not everything crashes. Housing went up almost 10x.[/quote]
That is an absurd claim. I was going to spend time this weekend researching it and show you, but I just figured out I already have two data points that demonstrate how outlandish it is.
I’ve stated previously that my father purchased a 3/2 1500 SF house in the central valley for $21K in 1970.
When I arrived in San Diego in 1987, a single family 3/2 1500 SF house – brand new – was selling for $100K-105K in Mira Mesa. I distinctly remember taking my dad over to show him those ridiculous prices.
San Diego, including Mira Mesa, has always been more expensive that the central valley.
If my dad’s 1970 house had went up 10x in the 1970s, it should have been worth $210K in 1980. It most definitely was not, and the fact that anyone could walk into a new development in Mira Mesa in 1987 and buy a brand new 3/2 1500 SF for $100K demonstrates that even at 17 years, prices hadn’t even went up 5x yet.
Totally bogus claim.[/quote]what development in Mira Mesa in 1987 was going for 100-105k for a 3/2 1500 sqft house?
