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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (303926)1/29/2011 2:11:45 PM
From: Skeeter BugRead Replies (3) of 306849
 
John, nice straw man logical fallacy.

housing is dropping across the country - just as i claimed.

if a rising tide lifts most boats, what does a sinking tide do?

over time.

i know people in the NW that thought their housing wouldn't fall... and they were right for a time.

now they ask, where did that $70k go in the last 9 months?

there is no recovery, just a government borrowing more money than it collects in taxes ($2 trillion on budget, $1 trillion via the federal reserve's treasury buying).

buying a home based on the idea that this is continue without 1. collapsing the value of the dollar and the economy (wages are arbitraged against $1/hour chinese slave labor) and cost push eliminating profit margins or 2. it stopping and the economy collapsing with a smoking $3 trillion plus hole is a fool's game.

not to mention rates will rise dramatically, potential home buyers are being eradicated via poor credit and unemployment and less willingness to take on risk (which will get worse over time, much worse) is also a fool's game.

we own our house free and clear and i fully expect is nominal value to drop below where we bought in 1998 - when employment was better, when incomes were higher, when there was more optimism and when the credit bubble hadn't already begun its collapse.
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