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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ild who wrote (36925)	7/25/2005 2:43:42 PM
From: russwinter	Read Replies (1) of 110194

<these numbers are withing seasonal pattern> The yoy listing numbers I've been observing, are way up seasonal or not. Could you post OC numbers? I think the largely bogus NAR closing sales in June didn't fall off a cliff as this represents April purchase applications, and buyers were still rather complacent. But July and August I really wonder about? It seems "something" (a bang) happened in late June, that is totally consistent with the Galbraith model, and now it's gathering steam: "Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang. -John Kenneth Galbraith,"A Short History of Financial Euphoria

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