OK, I agree that housing got inflated in some area's way too much and to be honest I think all houses are hardly worth what they cost considering what you get. BUT Here is why I think all the doom and gloom is an overreaction. But hey there's my common sense getting in the way again !!! http://www.poodwaddle.com/worldclock.swf
That's the reason for the human species to go extinct in a couple of hundred years or so. The ramifications of the housing bubble are now and might be with us for the next 10-20 years.
gnome, I respect you as a trader but I got to tell you your very pessimistic. Sure things are not great but it's not because of democracy .... The economy sucks because of the Bush government. Don't worry the moron will be out soon and with any luck America will wake up and elect someone with at least half a brain this time.
ET is a land of doom and gloom depressed psychos slumbering around mindlessly ready to pull the temple down.
You have no experience in real estate and it shows. Real estate has been in a bull market since 1930s and it does have a cyclic nature. Your pessimism filters through your post, and the same old doom and gloom...depressed out look.
3/4 of ET are bull babies and they don't know how to make $$$ in corrections .... that's why this place was so depressing. Us old timers loved this market
Yes I am very pessimistic, and it's got nothing to do with trading the markets nor democracy... and not even Bush particularly (though I think history will regard him as one of the WORST presidents of all time). I'm pessimistic because I've studied world financial history and see America heading down the same path as other failed republics.. in spite of our Founding Fathers attempts to prevent exactly what we have now... a greedy, overbearing central government and a central bank. Both are bad, BAD news. My professional training was as a biologist and chemist. Therefore, I "logically fear for the planet and the future of the USA as a civilization." ET is a small forum in which I've tried to WAKE YOUSE GUYS UP! Gotta say, not working too well on balance...
Guys, we are going to revert to the mean. The mortgage payment/income mean which has been stable at roughly 3 to 1 for 50 years. In Cal and New York, 4.5 to 1. It WILL happen, just a matter of time. I am in San Diego, and prices here are dropping fast. Jay