The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who wrote (4552)	8/20/2002 7:46:55 PM
From: Tradelite	Read Replies (2) of 306849

I'm wondering if a more accurate term for this alleged bubble would be "credit bubble" rather than housing bubble. During the last bubble, the Sunday classified ads contained at least a full page or two of small ads for open houses in my zip code alone. Everybody was selling, because they were also buying. It was nuts. Today, I'm still seeing only one or two columns of those houses on a page, if that many. Looks to me as though folks are not necessarily speculating via buying or selling, but speculating with the money they can refinance out of their homes. This, too, is nuts. How they sleep at night with all that debt is beyond me, unless we have finally gone so far downhill in this country that folks believe bankruptcy is a good thing to file. Found some comments in the article you posted very interesting. Around here, we never put up sold signs until the buyer's loan is approved, and maybe not even until it closes. Until then, the house is considered "under contract." This is the official MLS definition of the status of the property--not a sign that the market is going bad.

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