“Who’s left,” has naturally morphed into what’s happened. Where is Bugs with the appraisal angle when you need him?
I don’t believe we are in a bubble now either. I believe horrible monetary policy, deliberate collusion on the part of the banks and govt to force down inventory and a rapidly evolving pear shaped economy explain what’s happening without anything irrational. As noted investors have to choose between overpriced stocks, overpriced bonds, or slightly overpriced RE.
On that note though, does anyone have a strong opinion about when interest rates will rise, because that is the driver of all of this. Or rather when will the Fed stop fighting deflation? Sorry had to say it!
Josh
