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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (31551)5/19/2005 1:38:03 PM
From: GraceZRead Replies (1) of 306849
 
I'm sure he doesn't want that happening again, especially on his watch because this time it would be much worse.

You can't lose that which you haven't really gained. Rising home prices are false wealth, not real wealth. Take that away and you've lost nothing of value. All the RE boom has done is direct savings that might have been put to productive use into consumption. Stop that and savings will have to flow into productive uses to make a return.

The short lived effect of the S&L crisis pretty much demonstrated that. While it may have had a devastating effect on certain individuals and communities it had no lasting effect on the US economy. We had one of the largest surges in productivity in our history after it unwound. RE is a diversion of resources that has little or no beneficial effect on the economy. Good riddance to it if it busts.
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