brynaw

Is the Normalization of Housing Prices a Realistic Expectation?

Markham Lee,

Why do you hate America and our Freedom™ so? Your post makes no sense and was clearly influenced by Freedom™-hating Gloom-n-Doomer terrorists who want to undermine our cheap-credit and hyperconsumption fueled Potemkin Prosperity.

The historic relationship between rents, incomes and carrying costs has been forever severed. The permament land shortage and endless supply of wealthy retiring Boomers and rich foreigners means that first-time American buyers will be priced out forever.

Renters, and those born in future generations, will be will be unable to afford a $10 million starter home in 5 years. They will live in tent cities, and used Hondas. This asset bubble is unlike any before it in history, because it will never slow down, or pop. The gains are permanent. It’s a new paradigm, and anyone who doesn’t buy now will forever miss out on perpetual 20%/year appreciation.

Homeownership and perpetual gains from asset speculation are inalienable *rights* guaranteed by our Constitution. If those gains are ever wiped out, the government is obligated to confiscate surplus wealth from responsible savers and renters and transfer it to Wall Street, reckless subprime lenders and people who cannot afford the mortgages on their 10 "investment" properties.

These are the "facts", the truthiness of which is beyond dispute.