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Tue Mar 4th 13:54 PM | Rating: 0 0
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A Note to the Bubble-Phobes

It's a bubble when the cost of financing a newly purchased home is 2x, or more, the cost of renting an equivalent home despite the loosest and cheapest credit in memory.

It's a bubble when the hairdresser on main street is telling you about the condo she bought with her poor credit and no money down negative amortizing loan and her plans to "flip" the house in three months to make more than her annual salary in profit.

It's a bubble when the media begins proclaiming a new financial reality in the sector of the economy that defies a logical explanation.

A monkey could have got a loan to purchase a house during the past several years. Therefore, a monkey should have foreseen a significant bubble in housing and the fact a corretion was inevitable.

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