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To: Les H who wrote (36221)	11/10/2000 2:00:39 PM
From: TheStockFairy	Respond to of 436258

I know I know I know housing prices have to fall. I really can't stomach seeing someone buying a house for $275k in April and selling it for $350k in October, unless they found oil underneath the property. I just don't know when it is going to happen. I was assuming that when the wealth effect was cracked a bit with the non-vertical stock market over the last year, that would slow down new housing and existing sales, but that doesn't look like it is happening. I think that a lot of new buyers came into the market a few years ago with their gains on stock and easy credit, they sold their houses at a nice profit and rolled the money into new housing. Now they are stuck with huge payments and a declining value stock portfolio. Sound about right?