Quote:
Originally Posted by Tom Joad
It was pretty obvious to me, but there were a whole lot of people in denial.
I remember back in 2005 one of the newly graduated engineers in our Department bought himself a starter home in a new subdivision for $159,000.
A couple of months later the same model house in that development was selling for $189,000. So the kid takes out his TI-55 and calculates that in six years his house will be worth a million bucks. And he was halfway serious too.
BTW, here it is 2014 and he would be lucky if he could unload that place for $100,000.
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Very good, a clear indicator that everything is not "Fine"
By the way another indicator is Home sales are way down right now over 2013. Oh and you can't blame winter because April - August is the height of the homes sales market.