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To: Little Joe who wrote (3368)	9/19/2002 10:06:24 AM
From: long-gone	Read Replies (1) \| Respond to of 4051

Then you really believe even the real estate market in N.Y.C. will continue higher as Wall Street continues lay-offs? Is not the source of many of those that are calling it also a bubble?

To: Little Joe who wrote (3368)	9/19/2002 12:16:50 PM
From: loantech	Read Replies (1) \| Respond to of 4051

Little Joe and Liz, I don't necessarily agree with you on whether or not we are in a bubble or not and each of you say we are not. I can say where I live prices are up 300% in 12-13 years. That's a big jump. But what I can say is I feel just like Puplava and the others say is that borrowers are leveraged to the hilt and borrowing at much higher loan to value and debt to income levels than ever before. And these people that are at 50% + debt to income are gong to be hurting either way you slice the pie. Bubble or none or good economy or recession. Underwriting standards are too darn loose period.When they get to where they can no longer service their debts and they have little or no equity or the market takes a bit of a drop in values there will be a lot fo people walking away. Tom