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Politics : High Tolerance Plasticity

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To: excardog who wrote (252)	2/24/2001 7:29:21 PM
From: jim_p	Read Replies (4) of 23153

excardog, After the oil collapse in Houston, which started in late 1980-early 1981, home prices didn't peak in price in until 1983. The house is the last to go, and there is a long lag time between the economic collapse and the decline in home prices. I smell a parallel between house prices in Houston between 1981 and 1986-88 when they hit bottom and west coast prices. Since we feel confident it will most likely happen, there must be a way to capitalize on this. Back in 1980, I knew a man in his 80's who was very wealthy. He had more money then he could spend in 3 lifetimes, but he knew real estate prices would collapse in Houston so he sold his River Oaks mansion for economic reasons. His $5MM house probably dropped below $2MM, but I never understood why a man in his 80's would care? Jim

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