Ponzi's Real Estate

From Housing PANIC The Housing (Bubble) Crash Blog on topic and commenting on a Friday article in the Washington Post:

...  They listened to their neighbors (who thought they were rich), they listened to their REALTORs (who got paid), they listened to their mortgage brokers (who got paid), they listened to their developers (who got paid), and they listened to their "ownership society" buffoon of a president (who was too dumb to understand), and they listened to themselves (really bad move). 

And now they'll be listening to bankruptcy court judges and debt counselors.

Tulips anyone? Pets.com stock anyone? South Sea shares anyone? Phoenix condos anyone? Anyone? Anyone?...

Comments

[Inky Ink, Inc.]

I like tulips.

[z flynn]

I warned my market playing friends a few years ago about the impending internet and other stock crashes and they just repeated the same B.S. about "creating future markets" through the inflated trading prices. They all seemed less smug and cock-sure when they lost substantial amounts of their retirement during that crash. I also asked them: how can surging housing markets last when values are overvalued by at least double? Many of them, still licking their stock market wounds, clicked their tongues and said how there would forever be a rising market due to increasing demand and how can people live without a house? I shook my head when those who didn't sell to the more foolish, Johnny-come-late suckers a couple of years ago when prices were peaking at three to FOUR times their value from a few years prior with no gain in average household income. I shouldn't say "I told you so, AGAIN", but I am very glad I chose these past few years in my life to be content and decided to disembark the speeding Greed Train of Deluded Vision. It's about to crash into the wall of Market Reality in such a very, very ugly manner that unfortunately even most of us not on board will be affected by the upcoming disastrous mess. Nevertheless, I do think my timing to purchase property in a few years is wisest and possible, as I still have the capital, but I wonder if I can wash all the blood off the property. I'm sure it will fade with time.....

My best to all In Albuquerque