Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: John Vosilla who wrote (23458)	2/13/2005 12:20:57 PM
From: George K.	Read Replies (3) of 116555

The coastal housing bubble is nothing like a stock market mania for one simple reason that all the real estate bears just don't get and never will - the presence of many players not motivated by profit. What many people who harp about overleveraged borrowers and high prices don't get is that they assume everyone borrows. There are many, many cash sales out there involving people who either have plenty of it and/or are at a stage in life where cash and price have little meaning. Instead what they are looking at is VALUE - the way they have come to define it - and a nice looking waterfront lot with or without a home has plenty of value. In the grand scheme of things, they could give a hoot if they pay 1M and it falls to 750K or less and all the neighbors are being foreclosed on. They can't take the money with them, or they want to enjoy what time they have left in a place they like or whatever. And they can always leave it to the kids. Geo.

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