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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (71327)11/17/2007 8:45:54 PM
From: Sea Otter  Read Replies (1) of 116555
 
Mish, you might be interested in the situation in Silicon Valley (my home).

Here there's an extremely strong bifurcation in the market. In the wealthy areas (inhabited by the engineers, managers, VC and moi) prices are still moving up. In the other areas (inhabited by everyone else) they're stagnant or declining.

In the wealthy areas, folks are convinced that home prices will never go down. Typical argument: every google search, every ipod bought, goes directly into local housing prices. All that money! All those stock options! Silicon Valley is different!

I personally don't buy it, but I'm an extremely small minority.

It's true however that the sili valley market has some very unique strengths. It's like Manhatten in that regard. Thus, if/when it goes down, I think will be the absolute death-knell for US housing.
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