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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (56812)3/25/2006 2:25:56 PM
From: booyaka  Read Replies (1) of 110194
 
psychology behind the housing market-economy linkage

One element of housing market psychology is that once the typical homeowner gets it into his head that his home is worth $X, he is loath to sell it for any less than $X. This psychology makes housing prices more downwardly sticky than other asset prices. Housing market corrections consequently tend to unfold slowly because it takes time for homeowners to accept that their home is not worth as much as before. Maybe this time it will be different, though, given how many homes were purchased by speculators and buyers who stretched beyond the bounds of financial prudence to afford a house.
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