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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (25720)12/9/2004 6:41:24 AM
From: MicawberRead Replies (2) of 306849
 
I think you meant to say, "Since 1945 real estate markets have been built on debt, just like other previous speculative bubbles".

No I think I meant to say that as someone with an annoying and persistent axe to grind, you strike me as someone who took Patron's warning at the beginning of this thread to heart, cashed in your chips in June of 2001, and now you watch in horror cloaked with cynicism that you have missed out on one of the most spectacular real estate booms in US history. You apparently feel that this gives you license to disparage and belittle anyone with an opinion that differs from yours. Grow up.

There is nothing "revisionist" about my statement. Real estate markets in Europe and the US have been built on debt for hundreds and hundreds of years, albeit not to the extent that they are today. I'm sure you know that origin of the term mortgage (literally "dead promise") goes back to the Saxon and early Norman periods. Pulte Homes wasn't around then, but the practice of purchasing land thru the use of debt was. So both of your Grandparents paid cash for their homes in LA? Whose cash? Perhaps a loan from their parents? My grandparents had mortgage loans to purchase their homes in the northeast. Does that make them profligate?

I'm not arguing with anyone that we are not in a speculative bubble. I am cautiously trying to make a living in it every day. That living involves debt, done prudently at rates that are at historic lows. Suma pontificates that he sleeps well because he's never borrowed a dime. Good for him. In my business it would be nearly impossible.
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