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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (161356)4/22/2002 11:26:40 AM
From: reaper  Read Replies (2) of 436258
 
i noticed something in this article which is interesting.

Greenboink says that real estate can't be a bubble because its il-liquid. the real estate market, thanks to the wonders of modern finance, is NOT illiquid (at least not on the way up). when the condo down the street from me sells for a million bucks, that immediately creates the comp that my bank's appraiser uses to value my condo. at which point i sell my condo to myself for a million bucks, taking out multiple hundred thousand bucks in the process (via a bigger loan). lather, rinse, repeat, and in 5 months my entire block has re-financed their condos at a million bucks (and taken out money for home improvement, or vacation, or pay off old debts, or whatever), based on a SINGLE actual transaction.

friggin' moron that Greenspan is.

Cheers
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