I’m sure Greenspan is right - he’s not to blame. After all, he didn’t lower interest rates to historic lows and directly CAUSE the housing bubble. :flush
I think this is Greenspan’s preemptive strike. He knows this economy is going into the toilet. He’s making his excuses early trying to save his so called “legacy.”
My feeling is history will not be very kind to Mr. Greenspan. He presided over two of the biggest bubbles this counrty has ever seen. The 2000 tech bust, and the coming soon to a neighborhood near you, 2008 real estate bust!
Nice try Alan.
As usual, your a day late and a dollar short.
How long do you think it will be until housing prices (nationwide majority) return to “normal”?
It will be another 2 yrs or so before we hit “bottom” and probably another 6-8 past that before we return to previous highs.
Wow, you really think 6-8 years to recover completely? Or are you saying it will take that much time to build up to new highs? I agree with the 2 year scenario completely. Considering there is an average of 18 months worth of inventory in some regions of the U.S., I can see it taking at least that long.
My question is, how much would all of you attribute this market to media driven panic?? I know it was a long time coming, but did it have to come this hard, this fast?
One of the other members I think said something like 8-10 yrs to reach inflation adjusted highs after a big drop. Factoring in normal inflation I think that it’s pretty safe to say that’s accurate. I haven’t gone over the numbers with a fine tooth comb but I’d have to say I believe his research.
Wow. I hadn’t thought of it from an inflation adjusted perspective. That does make sense. I’d love to see the research on it – I’m going to try to search for it on here.
Mike aka Propertymanager mentions it in this discussion: http://www.reiclub.com/forums/index.php/topic,30801
Don’t be fooled by the topic title, it changes direction midway and gets more into property values and away from dress discussion. A good topic all around to read.