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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (304082)	2/6/2011 6:02:57 PM
From: Drygulch Dan	Read Replies (1) \| Respond to of 306849

Or you could read the first couple of hundred thousand posts in this thread to see what we all saw back between 2001 and 2006/7 or whenever. Lots of history there. Patron was early but on target and steadfast throughout the upramp. I'm sure tons of people in the key states knew at least part of the story. My daughter and her husband (youngsters in their 20s at the time) got sucked in, my brother and his wife (a loan broker) in their 50s got sucked in, my wife's sister and her husband also suffered, mainly from the house ATM approach. There are literally millions of stories similar to these.

To: tejek who wrote (304082)	2/8/2011 8:04:17 PM
From: John Vosilla	Respond to of 306849

'But if the point you're making is that people were optimistic in 2006 even as the bottom was getting ready to fall out, yes that's true but its not surprising to me. I think some on Wall Street may have known the extent of the fraud that was getting perpertrated but I think most people were clueless' Yes that was the main point. But the bubble spread in different ways. In Texas prices didn't go up but they built way too many new homes and sold them to people who couldn't afford the modest prices there in part to their tighter regulations on mortgages and equity extraction as well as the mentality that a used house in the exhurbs there is like a used car. In the big cities of the northeast and New England and land constrained coastal markets on the west coast prices went to the moon but the economies are diverse, people tend to not move often and there was little speculation or new construction like the ground zero fast growing sunbelt markets that had the biggest bubble from every direction magnified in it's collapse because the economy became way too tied to the ponzi scheme..