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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (44668)1/17/2006 8:47:35 PM
From: Broken_Clock  Read Replies (2) of 116555
 
What evidence?

NAR itself reported 38% of homes bought in 2004 were 2nd homes purchased most likely for spec. That is exactly the type of spec move I wrote about. They buy a "rental" then turn it into a principal residence after a year or two.

NAR would be the most unlikely organization to call this bubble a bubble but even NAR is tenuously cautious. Hard to argue with figures like that.
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