This article was fun, because I am so frequently deluged with commenters at the other site who haughtily inform me I don’t know what I’m talking about — because I’m not an economist.
That’s right, I’m not. You know how you can tell the difference? I have a much better track record with predictions.
I told people two years ago we’d see a 30-40% drop in real estate values. We did. I’m saying it again: a 30% drop in the next year or so. I wouldn’t buy now; rent until the market bottoms out. It hasn’t yet.
Some readers have been anesthetized by our corporate owned media to not want truth or accuracy, they want their beliefs reinforced. And our village media don’t want accuracy, they want to reinforce our Plutocrat overlords’ messages.
I agree with you Susie — I don’t think the reality of near-permanent stratospheric-levels of unemployment has sunk in. And when it does, the real estate market will crash again. We can’t take on 30 year loans if we can’t count on being employed at the end of this one.