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Non-Tech : Deflation -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (239)	1/23/2004 12:32:52 AM
From: JF Quinnelly	Read Replies (1) \| Respond to of 621

A lot of Americans have been avoiding the stock market since the crash, and "investing" in their homes- buying the most expensive places they can afford. They look only at their monthly payment, which is very low with these current rates. As a result they have bid up the price of housing to absurd levels. I suspect that there has also been a lot of fraud in the lending end of all this, which will become evident when rates begin to climb. I suspect home prices will fall dramatically when rates climb, especially in fantasylands like S California. If you hold American bonds, I'd sell. If you have rental property here that you can sell, well this looks like a market top.