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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Earlie who wrote (51254)5/16/2006 1:12:41 PM
From: mishedlo  Read Replies (2) of 116555
 
Owning Investment Property During a Housing Bust
FoxNews

It's long past time to talk about housing markets losing their sizzle. They've already begun to turn down in the most bubbly markets on the East and West coasts. Now we've arrived at the truly difficult part of any real estate boom-and-bust cycle – the time when prices hang in the balance. Will they go up any more, will they plateau or will they – collective shudder – go down?

A recent national survey of homeowners by the L.A. Times shows 'widespread faith in the real estate market.' The worst possible scenario, that prices would 'stay the same' over the next three years, was selected by just 5 percent of homeowners. That total was less than the 6 percent who said they expect to see a rise of 31 percent or more. No matter how much talk of a bubble there may be, homeowners continue to demonstrate that they have no clue about the ramifications of one. And this is in an environment in which prices actually are falling! The denial runs so deep, it's not even denial anymore. It's some kind of epic disconnect between the reality of a newly falling housing market and an unwritten social contract that says home prices do not fall.

foxnews.com
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