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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (279597)	11/9/2008 10:31:29 AM
From: cirrus	Read Replies (2) \| Respond to of 793755

Thanks. That was the most concise and unbiased explanation of events I've seen. Obviously the capital gains reductions, since it applied only to primary homes, didn't cause a massive bull market for housing. The CRA tended to focus on low and moderate priced homes, did it not, so it doesn't explain the condo boom & bust in South Florida. There have been good and bad times in housing in the past, but nothing like what we've seen in recent months. In your opinion, is there a singular smoking gun, the straw that broke the camel's back moment, that tipped the housing market from relatively stable to the crisis it's become? That may be asking for an oversimplification, but just curious. Thanks.