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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (69406)12/26/2006 11:56:40 AM
From: mishedloRead Replies (3) of 306849
 
Just because a law has little effect when it was passed does not mean it will not have an impact if rescinded.

If rescinded I would expect far fewer sales.
As to what caused the boom, I believe herd mentality aided by low mortgage rates, and more importantly declining credit standards.

Of the those, herd mentality and declining credit standards were likely far more important than low rates.

In 2005, 35% of the homes sold were for investment or second homes. The cap gains exclusion law obviously had nothing to do with those homes.

Mish
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