Three years ago, plenty of folks considered Patrick Killelea to be a loony tune raving about real estate Armageddon.
While most Americans - and especially people in the Bay Area - swore by the gospel that investing in real estate was a sure road to riches, Killelea, a disenchanted house hunter, peddled a heretical counterview: The housing market was a gigantic bubble ready to burst. Through his blog, Reality Parser (www.patrick.net), he expressed his view that home prices were grotesquely overinflated.
He practiced what he preached, refusing to buy a house. Instead he and his wife rent a Menlo Park bungalow for themselves and their two children. Today, the housing market has indeed slumped, giving his views some credence.
"Nobody calls me crazy now," Killelea said. "I haven't changed; it was just a matter of waiting for the fundamentals to catch up."
Read more . . . www.sfgate.com/cgi-bin/article.cgi
While most Americans - and especially people in the Bay Area - swore by the gospel that investing in real estate was a sure road to riches, Killelea, a disenchanted house hunter, peddled a heretical counterview: The housing market was a gigantic bubble ready to burst. Through his blog, Reality Parser (www.patrick.net), he expressed his view that home prices were grotesquely overinflated.
He practiced what he preached, refusing to buy a house. Instead he and his wife rent a Menlo Park bungalow for themselves and their two children. Today, the housing market has indeed slumped, giving his views some credence.
"Nobody calls me crazy now," Killelea said. "I haven't changed; it was just a matter of waiting for the fundamentals to catch up."
Read more . . . www.sfgate.com/cgi-bin/article.cgi
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Re: Real estate blogger taps into bursting market bubble
Wed, September 26, 2007 - 10:48 PMinteresting perspective....even a clock is right twice every day....ofcourse the market was due for a correction how much how big it's anyone's guess, yet for most homeowners real estate is about affordabily and value....ofcourse speculators are gamblers and some homeowners jumped on that train and gambled beyond their means and now the morning after the party....no one wants to be responsible for their own actions and it's easier to blame others for one's woes and hardhips. -
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Re: Real estate blogger taps into bursting market bubble
Thu, September 27, 2007 - 9:51 AMYes. It was due for a correction, as they call it. I could see that several years ago, even though I am an office manager and not a financial guru. Certainly there is a limit to how much any market can expand, how large a sales force any market can support. I find it interesting that a year ago nearly a thousand people a week were taking the real estate license exam, now it has dwindled to a few hundred at best.
I, personally, believe that the media is very powerful in this. In spite of the sub prime meltdown, there is plenty of money available for conventional loans for qualified buyers, but buyers are afraid. -
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Re: Real estate blogger taps into bursting market bubble
Thu, September 27, 2007 - 10:14 AMbeyond fear in many ways it goes to affordability.... -
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Re: Real estate blogger taps into bursting market bubble
Thu, September 27, 2007 - 4:22 PMWell, yes . .there is that. I recently found the 170 acre farm, where I spent my summers, on Google Earth. Still being worked. And I believe I could buy that land, house and critters for less than a condo costs here in the Bay Area. :sigh: And then I thought. . .well, sure Ohio has mosquitoes, tornadoes, 90+% humidity in the summer and 20 below zero in the winter of course it's cheaper. lol The climate almost pays for itself here. -
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Re: Real estate blogger taps into bursting market bubble
Fri, September 28, 2007 - 12:51 AMalmost!.....what do I know I have grown up in the southland (LA)
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