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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Don Earl who wrote (59100)8/5/2006 9:22:06 AM
From: GSTRead Replies (1) of 306849
 
<more than happy to quote stupid crying the blues about how he couldn't sell his dump for more than it was worth>

I think you have hit the nail on the head. People started to believe their house was priceless, only to discover that their expectations had become decoupled from the market. The problem others point to here is that this is a widespread situation and in some markets it is causing pretty significant anxiety on the part of sellers. If they thought they could get 600k for a place and now can get 450 to 500k for the place then the market in their minds has gone off a cliff, even if the market was never there at that price, or if it was there it was only for fifteen minutes sometime last year.

Where I am less in agreement with others on this thread is in the notion that this mis-pricing of housing is going to crash the global economy -- I think that those looking at housing alone are pushing their point of view way beyond reality.
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