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Monday May 12 2008

I remember having conversations about real estate prices 7 or 8 years ago, particularly on the West Coast. “How can prices keep rising and where does all the money come from to buy these properties?” A house I sold in 1997 resold in 2005 for four times what I sold it for! I am not an economist, but something didn’t seem right to me about this kind of never-ending upward spiral. My ex-wife sells homes and told me people were getting into million dollar properties with little or no down payment. Even so, I couldn’t afford to buy into most of the residential areas that I would want to live in. As a result, I lived on a boat which, while pricey, was a whole lot more affordable than a condo in the same town where the boat was moored. We’re reading about the bubble bursting, the credit crisis and the coming recession as if they are news. What did everyone expect?[Read More]

Written by eldering at The Great Turning

Tagged with: credit_crisis growth recession scarcity sustainable