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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Tommaso who wrote (11555)9/9/2004 11:13:24 AM
From: mishedlo  Read Replies (1) of 116555
 
From ED on the FOOL on the last housing bust

I was selling a house in New Orleans after the oil crash in the early '80's. The once-roaring local economy was going down the tubes. Rates were falling, so were house prices. I dropped my price every week until I sold it. Even put the price on the sign in front of the house. Put tape over the old price, put the new price on the tape. Very low class selling job, but I got rid of it before prices hit bottom. The multi-millionaire property owner I sold it to defaulted on the payments, and the Resolution Trust got the house at the end of the decade. I was in NOLA and went by the house in 1997. There was a drunk boozing on the front steps with a pile of empties underneath the steps. Two foot weeds coming up through the sidewalk. The neighborhood was no longer "coming up". I was so glad I had decided to leave when I did.

Ed.
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