The one thing that is lacking here is the concept that houses cannot be traded like stocks.
…in spite of the perfect storm of negative news, prices have not gone down that much.
Chris, if it’s one thing that Piggintons has taught me its that housing is not like stocks. This point was pressed home some weeks back, by posts and youtube video clips.
Furthermore, since we accept the housing market is illiquid and not subject to the instant vagaries of the stock market, one would expect a slow and at times impercetible movement, and interspersed with small rallies as has been pointed out many times.
If you look at cyles the world over they are measured in years. What’s different about this one is that we have never seen such a huge surge in values. That’s the crux of the concern here and quite rightly too.
However, no smart person will call anyone dumb or stupid for buying now. It’s your choice, and your life. There may be people who would like to see a faster correction in prices and view buyers as delaying that process, hence the angst.
