That’s gonna be a good article when all the parts are finished. As a homeowner who bought my first place in 88 I remember the buzz and all the talk. Very similar to what’s was happening in this bubble. I watched my home soar in value it went up 40% in the first 6 months I was in it. It nearly doubled in price by 1990. Many of my neighbors refi’d and pulled out cash for cars, pools and stupid stuff like one hot young wife that just had to have a boob job.
Then slowly the market turned and I watched the foreclosures start and the for sale signs started to pop up everywhere. It took 2 or 3 years but lots of folks lost thier homes, the neighborhood went to hell and the homes went right back to the 1988 values and stayed there for several years.
This is like Dejavu, only this time I’m waiting for after the crash to buy. The big difference this time is the amount the homes have shot up. They did not go nearly as high last time (at least not in my area). I still think they will come back down to prebubble levels or close to it. But like the last time I fully expect it to take a few years to happen.
