Augustus

Why There's No Such Thing As a Housing Bubble

Mr. Alex Prozak sure is shifted into blovator mode.
The article is really a pretty good balanced picture of reality.
My home is just as useful to me today as it was two years ago,
and just as useful as it was twenty years ago.
I don't need an appraisal to tell me whether I like it or not.
People don't buy homes for the same purpose they buy into the stock market.
I bought my home to personally USE it. I'm doing that quite happily.

As to the credit problem situation - I'm wondering if anyone did a credit check on
Mr. Prozak before they made him an asset based margin loan? Does he have enough income or other assets to make immediate repayment of that margin loan without an asset sale?

So, sure there can be some unfortunate home sales. However, everyone moving
out of one home will need to move into another. There are very few housing markets
where there is an absolute real excess of sitting vacant homes. The reality is very much as described in the article. So what if my house is only worth as much toady as it was in 2005?