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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (308183)10/30/2006 4:04:06 PM
From: tejek  Read Replies (1) of 1576882
 
But I think the pessimists have a stronger case. There’s a lot of evidence that home prices, although they’ve started to decline, are still way out of line. Spending on home construction remains abnormally high as a percentage of G.D.P., because banks are still lending freely in spite of rapidly rising foreclosure rates.

John, do you know how many times I've heard this in the last 15 years? Back in the late 1980s, LA's median was around $300k. Then it got hit by the mother of all recessions.......over 1 million jobs were lost. Think about it......a million jobs. Then LA had riots........for a year after the riots I heard gun shots throughout the city every nite before going to bed. The city was on the edge of anarchy. Then LA got hit with a major earthquake in 1994. All this garbage took plage within 3 years. At its low point, the city's median hit around $250k. By 1998, it was back up over $300k. Today its around $550k. And let me tell you, this is a city that is hardly growing.......certainly its growing much slower than any city in FLA. So then, if the perfect storm of negativity that hit LA in the early '90s couldn't destroy its housing market, why would I believe the current malaise will?

With that in mind, I bought TOL at $24. Currently its around $30. In case I am wrong and the doomsayers are right, I maintain close stops. What else can I do?
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