Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: John McCarthy who wrote (81035)	7/6/2008 9:07:41 AM
From: elmatador	of 116555

John, the '$4 trillion in new debt' inflated housing only. Not all prices went up during the gravy train years of negative interest rates. As a result deflation is concentrated in housing only. QUOTE: "The property next to where I live (waterfront, having Bay access) sold 4 different times in 36 months advancing from $1.5 mil to the final sale of $9 mil. The final buyer, a speculative group from the UK, was going to build a condo complex, needless to say that’s now on hold indefinitely. It didn’t help that the property was found to have contaminated soil… used to be an old boatyard. A significant number of homes here near the bay where also bought by outside speculators hoping for a quick flip… many are now for rent with no takers and becoming overgrown and run down." Message 24732688

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