The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: kathtoo who wrote (88262)	9/7/2007 10:42:52 AM
From: GraceZ	Read Replies (1) of 306849

we might be at the beginning of a depression cycle That foreclosure figure is 1/3 specs screwing their lenders. What you are seeing is people who had no business being in the business of what they were doing getting washed out because they were leveraged up the wahzoo both on the lending and borrowing side. As for this being the beginning of a new depression, I've been reading that we're at the beginning of a new depression cycle since the seventies. That's more than 3 decades of hearing perfectly reasonable arguments that the US economy was going to collapse into a heap. Where I am the lines around the soup kitchens were about as long as I've ever seen them back in the late seventies when job losses were twice what they are now. The seventies were an inflationary depression according to Murray Rothbard. Perhaps if you live in some parts of Detroit or Cleveland (and some neighborhoods in Baltimore) you are living in depression like conditions. Near term, in the next six months, I think even a US recession is a low probability event.

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