[cr]

If you look at past cycles, once prices reverted to the mean they continued downward and over-corrected. There’s no reason not to expect that this time.

To that historical trend we can add the fact that we are only now starting to see conditions that can cause a decline in a normal cycle, i.e. recession, job losses, consumer fear.

We’re still in the bargaining stage. It’s now accepted that prices will fall even as much as 25%, but the general consensus is for a turn-around by the end of ’08. We heard the same thing a year ago.

Prices have no chance of bottoming out as long as inventories and foreclosures are on the rise.

[cr]

Yes the consequences would have been huge.

Banks, brokers, executives, traders, investors, homeowners and everyone from wall street to main street would realize dishonest business practices and a lack of a moral, intelligent, or practical approach to lending money would face the consequences of its own stupidity rather than be rewarded for such idiocy.

This county might have actually come out stronger, but not now.

Welcome to Blind Socialism: we rob from the smart and give to the stupid.

[cr]

Yes the consequences would have been huge.

Banks, brokers, executives, traders, investors, homeowners and everyone from wall street to main street would realize dishonest business practices and a lack of a moral, intelligent, or practical approach to lending money would face the consequences of its own stupidity rather than be rewarded for such idiocy.

This county might have actually come out stronger, but not now.

Welcome to Blind Socialism: we rob from the smart and give to the stupid.

[cr]

Yes the consequences would have been huge.

Banks, brokers, executives, traders, investors, homeowners and everyone from wall street to main street would realize dishonest business practices and a lack of a moral, intelligent, or practical approach to lending money would face the consequences of its own stupidity rather than be rewarded for such idiocy.

This county might have actually come out stronger, but not now.

Welcome to Blind Socialism: we rob from the smart and give to the stupid.

[cr]

Yes the consequences would have been huge.

Banks, brokers, executives, traders, investors, homeowners and everyone from wall street to main street would realize dishonest business practices and a lack of a moral, intelligent, or practical approach to lending money would face the consequences of its own stupidity rather than be rewarded for such idiocy.

This county might have actually come out stronger, but not now.

Welcome to Blind Socialism: we rob from the smart and give to the stupid.

[cr]

Yes the consequences would have been huge.

Banks, brokers, executives, traders, investors, homeowners and everyone from wall street to main street would realize dishonest business practices and a lack of a moral, intelligent, or practical approach to lending money would face the consequences of its own stupidity rather than be rewarded for such idiocy.

This county might have actually come out stronger, but not now.

Welcome to Blind Socialism: we rob from the smart and give to the stupid.

[cr]

It’s a typo – look at the price per sq ft: $189

The 4 is not supposed to be there.

$239,020 / 1,264′ = $189.

[cr]

It’s a typo – look at the price per sq ft: $189

The 4 is not supposed to be there.

$239,020 / 1,264′ = $189.

[cr]

It’s a typo – look at the price per sq ft: $189

The 4 is not supposed to be there.

$239,020 / 1,264′ = $189.

[cr]

It’s a typo – look at the price per sq ft: $189

The 4 is not supposed to be there.

$239,020 / 1,264′ = $189.

[cr]

It’s a typo – look at the price per sq ft: $189

The 4 is not supposed to be there.

$239,020 / 1,264′ = $189.

[cr]

To play devil’s advocate a bit…

Perhaps that’s only because our debt driven society brainwashes people into thinking they can’t be financially successful or retire comfortably (or at all) if they don’t own a home. The distress of not fulfilling the American dream and fueling our insatiatiable propensity to expend may lead some to a lesser sense of self worth, et al.

Then again, as this housing downturn plays out a lot of “homeowners” probably aren’t faring as well as renters these days.

[cr]

To play devil’s advocate a bit…

Perhaps that’s only because our debt driven society brainwashes people into thinking they can’t be financially successful or retire comfortably (or at all) if they don’t own a home. The distress of not fulfilling the American dream and fueling our insatiatiable propensity to expend may lead some to a lesser sense of self worth, et al.

Then again, as this housing downturn plays out a lot of “homeowners” probably aren’t faring as well as renters these days.

[cr]

To play devil’s advocate a bit…

Perhaps that’s only because our debt driven society brainwashes people into thinking they can’t be financially successful or retire comfortably (or at all) if they don’t own a home. The distress of not fulfilling the American dream and fueling our insatiatiable propensity to expend may lead some to a lesser sense of self worth, et al.

Then again, as this housing downturn plays out a lot of “homeowners” probably aren’t faring as well as renters these days.

[cr]

To play devil’s advocate a bit…

Perhaps that’s only because our debt driven society brainwashes people into thinking they can’t be financially successful or retire comfortably (or at all) if they don’t own a home. The distress of not fulfilling the American dream and fueling our insatiatiable propensity to expend may lead some to a lesser sense of self worth, et al.

Then again, as this housing downturn plays out a lot of “homeowners” probably aren’t faring as well as renters these days.

[Author]

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