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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (20167)	1/3/2005 3:02:08 AM
From: John Vosilla	Respond to of 116555

You can see why this housing bubble has become a mania from reading this article. We have a ton of immigrants who will buy at any cost because it is better than rent because real estate always goes up, they would just throw their money away in rent and they don't just understand the stock market but do know the poor immigrant can't win in that game against the crooked gringo. Then you have this new echo boom generation coming of age that wants the best of everything and will only stay a couple of years in the new 800 sf 1 bedroom condo they just bought for $275k. I'm sure they all feel they will be much further ahead in a 2-3 years. The foreigner will cash out refi and the gen Y upstart will trade up into a bigger place. When these become shattered dreams this can really hurt consumer spending and confidence for a very long time.