June 1, 2005
-- by Thomas Leavitt
Eric Janszen, has a great (and scary) post on the housing bubble.
Dancing, Booze, and Overpriced Houses
The housing bubble is reaching absurd, bacchanalian heights, which can only mean one thing: it's getting ready to collapse.
There are times when I write this column that I feel like a Bible-thumping Evangelist of Doom, tromping back and forth across the blogosphere with an "End Is Near" placard strapped to my virtual ass. Never thought I'd see the day that I'd preach the evils of alcohol, dancing, and music to round out the role, but in the current instance, parties for condo sales are getting my attention. They signal that something is ready to happen, and it's not the Second Coming. Seven years of bubble-watching and research suggest that boozy condo celebrations mark the beginning of the end of the housing bubble.
Go look at the graphs he posts... he says (and I can't help but agree with him) "If you're not feeling at least a little queasy after looking at these pictures, then maybe you're numb from the booze and the dancing." The numbers are moving in a hugely anomalous way compared to historical trends -- scary stuff. Makes me glad I'm a renter (although that won't help me when the economy is taken out along with the housing market).
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