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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (241710)3/22/2010 11:25:26 AM
From: neolibRead Replies (3) of 306849
 
Low rates did affect behavior, but it is still behavior which is the root cause, because we now have even lower FED rates but no bubble. In fact, as JV points out, in Florida you can buy lots of properties at below replacement costs. Yet FED rates are lower now than when those properties sold for 5x or more as much. Whats different?

People confuse the fact that their behavior is blinkered by some enticement as meaning that the enticement must be to blame. Strangely, once spanked, they are smart enough to ignore the enticement the second time. Give them another decade or two, and they'll line out to be spanked again.
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