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To: neverdem

Real estate was not his area of education. Hell 95% of the so called real estate professionals, plus, developers and bankers thought the supply of people that could buy a 300000 house was unlimited and that a year later they would have an unlimited supple of buyers for a 350,000 homes. Pure ignorance of the market.


3 posted on 10/17/2011 10:09:34 PM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: org.whodat
Hell 95% of the so called real estate professionals, plus, developers and bankers

were profiting from the bubble, and not about to blow the whistle...

Even Keynesians like Krugman knew what was up, he just didn't appreciate the damage that would be wrought, "economic policy should encourage other spending to offset the temporary slump in business investment. Low interest rates, which promote spending on housing and other durable goods, are the main answer."

Now his 'main answer' is the threat of alien invasion to spur government expenditure. I wish I was kidding.

7 posted on 10/17/2011 10:15:20 PM PDT by Gunslingr3
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To: org.whodat
Real estate was not his area of education.

Real estate is not my area of education either but I predicted the future Real Estate Bubble disaster on Free Republic back in 2005.

"Three million home owners with ARM loans just got a BIG surprise in the mail." ...... That's nothing compared to the orchietomies that those who have stretched their budgets to buy over-priced real estate with Interest Only loans will get when the "interest only" grace period expires. ..... 34 posted on Sunday, November 20, 2005 2:49:56 PM by Polybius

All it took to see the obvious Bubble was common sense. Common sense, however, appears to be in very short supply nowadays.

10 posted on 10/17/2011 10:23:39 PM PDT by Polybius (Defeating Obama should be Priority Number One.)
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To: org.whodat

In 2001 my husband and I were looking to buy a house. Our real estate agent took our financial information and told us that we could afford an amount twice as much as we knew we could afford. She kept trying to sell us the pricier houses while we finally fell in love with a townhouse that fit perfectly into our budget. We bought the townhouse. What saved us from the bubble was refusing to be seduced into buying a house we knew we couldn’t afford. We did get the house with no money down, though.


20 posted on 10/18/2011 2:35:14 AM PDT by wontbackdown
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To: org.whodat

In 2001 my husband and I were looking to buy a house. Our real estate agent took our financial information and told us that we could afford an amount twice as much as we knew we could afford. She kept trying to sell us the pricier houses while we finally fell in love with a townhouse that fit perfectly into our budget. We bought the townhouse. What saved us from the bubble was refusing to be seduced into buying a house we knew we couldn’t afford. We did get the house with no money down, though.


21 posted on 10/18/2011 2:35:20 AM PDT by wontbackdown
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