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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mike M2 who wrote (145357)1/22/2002 10:52:16 PM
From: Tradelite  Read Replies (2) of 436258
 
This is said in a very weary voice to you, my friend.
The topic you raised was already addressed by *moi* on another thread, and you are exactly right. That's why there is little point in pressing the issue on THIS thread---it's already been hashed out elsewhere on SI.

<<residential real estate cannot continue to appreciate faster than incomes indefinitely for the simple reason that income has to service the debt>>

I've actually posted on two, not one, threads on SI that real estate is worth exactly what people are willing and able to pay for it, and that it has never exceeded what people are willing and able to pay. (One problem with understanding this concept, however, is that few people realize how many people in this country actually have an AWESOME amount of money to spend.)
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