A Jackass, his PAL(indrome), and GOLD Message Board

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Pastimes : A Jackass, his PAL(indrome), and GOLD

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To: Jim Willie CB who wrote (105)	1/12/2003 11:05:52 PM
From: pogbull	Read Replies (2) of 1210

<but rather a housing diffusion bubble slowmo collapse> Agreed, but think downside momentum will pick up as the growing supply slowly starts to overwhelm dwindling demand. Layoffs will eventually force sales (or listings and then reduced price sales)and crimp demand. Most marginal buyers have already bought (somewhat comparable to 0% auto financing stealing sales from future). Govt monetized support of Fannie/Freddie may drop rates lower and keep things propped up but in time these efforts will be overwhelmed by market forces. I no longer think we get that quick 15% drop and gradual decline. I now believe we get the slow motion decline in the beginning with a gradual acceleration and culminating with significant declines. I am also glad to be a renter in this economic environment. Busted my but this year to insure that I could become a one. I wouldn't wish moving twice in six months on anyone but the two sales have done wonders for my financial profile. Aside from the increased tax burden from states and towns that home owners will face, the flexibility of being a renter in this job environment is indeed comforting. I could move next week if I had to and I wouldn't have to make a trip to the bank to drop off my house keys. <g>

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