Real Estate Bubble Bust … Be Worried … Be VERY Worried
"The US economy is in danger of a recession that will prove unusually long and severe. By any measure it is in far worse shape than in 2001-02 and the unraveling of the housing bubble is clearly at hand. It seems that the continuous buoyancy of the financial markets is again deluding many people about the gravity of the economic situation." –Dr. Kurt Richebacher
The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months." A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. San Diego real estate attorneys
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We need to get through to the powers that be that if they support these plans to “save” the housing market, they are actually DESTROYING any hope of home ownership prospects of new families, and the younger generations. The only way to actually SAVE the housing market it to get the prices down to a level that is supported by fundamentals. Get prices down to a level where (oh my god!) new families can actually afford to live. We need to change the whole political rhetoric to a theme of “Save Housing For The Families, Not For The Greedy Speculators.
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Unaffordable housing is what it’s all about. The average SFH is just simply unaffordable to the average person or family. People who have a vested interest to see it go higher do not want to hear the facts.
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It’s all about oil really. When peak oil hits, which will happen sometime in the next 5 years, then the price of oil will triple overnight. $10 per gallon gasoline will drive the US and most of the world economies into depression. Then, our lack of reserves will hurt us miserably.
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Actually, whenever I read about the huge, massive speculation moves, like the yen carry trade, mergers and acquisitions, currency speculation, commodity speculation, I think about what Henryk Grossmann said in 1929: that inactive capital necessarily will engage in speculation. Capital is desperately seeking profit, and will not find it. Also Grossmann reminds everybody that capitalism is historic, that is, that as time goes by it is more and more difficult for capital to valorize itself. The US, as the world´s largest economy, finds great difficulty in valorizing capital within its borders, hence, the brutal capitalistic wars,
the trade treaties, the menaces to other nations. The bet is on to see if Grossmann´s theory will prove correct (again).
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This stage is known as the ‘sucker bounce’ before the big decline. Don’t believe what ‘the experts’ say, they don’t have your best interest in mind.
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