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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: daffodil who wrote (25488)11/29/2004 9:07:41 PM
From: Mike JohnstonRead Replies (1) of 306849
 
BOB TOLL You're right. I am sick of it. No, we're not in a bubble. Prices have gone up because there has been tremendous constriction in supply along with tremendous immigration and increases in income for baby boomers. We're on track to see the cost of housing as a percentage of income come to the same place as it is in the U.K. and much of Europe, where they pay up to 45% of income for housing.

In this instance he contradicts himself. If the incomes are rising so much and things are so fantastic, why would the amount spent on housing increase to 45% of income.

If you go from 30% of income spent on housing to 45 % that is lower not higher standard of living.

Why is it good news that standard of living is going down ?

Maybe Mr Toll (and Greenspan) have to go back to school.
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