scotty1560

How Big Was the NYC Housing Bubble?

NYC has done well, no doubt.
Of course few of us bought at the beginning or sold at the end, timing the
cycle perfectly.

Don't forget real estate ownership is not a free ride with property taxes,
insurance, maintenance costs. In South Florida, many of the most successful
real estate investors are now toast...short selling, foreclosed on, running from
the IRS, etc. It was fun for a few years, but ultimately very destructive.
All the realtors and mortgage folks and contractors, etc, that earned
300k-500k annually are now making 50k-100k, or out of the business.

And now the fallout, anyone is a fool to not believe the long term damage
this will do to the markets. I expect 10-15+ years to rally to 05-06 peak
prices, with all the high taxes and high insurance and maintenance costs still there. So what did we really accomplish with this bubble.