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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (304054)2/6/2011 5:50:15 PM
From: tejekRead Replies (2) of 306849
 
look at the date of this article Ted... The consumer, the media, the housing markets, even the stock market go at their own pace living in their own seperate yet interconnected world's of fantasy and reality.

I can't attest to the quality of UF's analyses.....I saw the article and decided to share it with you.

But if the point you're making is that people were optimistic in 2006 even as the bottom was getting ready to fall out, yes that's true but its not surprising to me. I think some on Wall Street may have known the extent of the fraud that was getting perpertrated but I think most people were clueless. My sister is a broker in NH and she didn't have any idea that so many games were getting played with real estate deals. Then again, NH was hardly ground zero and has not suffered all that much from the housing debacle.

As an agent in FLA, McMannis may have known something was going on but even there.....agents are independent contractors that don't work all that closely with their peers. Bankers in ground zero states like FLA, NV, AZ or CA would have known that they were rigging loans but is that something they would have discussed with their colleagues in other states. I don't know how this whole thing worked but I do believe that the bad apples were concentrated in only a few states. Unfortunately, those states were the ones that had the highest levels of housing production during that time.

Eventually the story will be told and we will find out exactly how widespread this whole thing was.
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