Can you imagine the pain of buying a $500,000 1 bedroom condo four months ago that is now worth $480,000 (ouch - $20,000 loss in 120 days) and will be worth $300,000 in two years (ouch - $200,000 in debt and now I'm bankrupt!)
People are going to be mad - at the world, at realtors, at bankers. But in the end, the only one to blame will be themselves.
What goes up, must come down. All good things come to an end. Nothing lasts forever. The supply of clichés is endless and right now all of them fit the U.S. housing market: It had to happen sooner or later, the bubble had to start deflating or eventually it could have popped.
November 17, 2005
Posted by blogger at 11/17/2005