Oh, boy, this one's hilarious. My favorite blogger btw...
Since we were all wrong, let's all run out and get $0 down, neg-am, no-doc, interest only's and buy up every stucco hellhole in Phoenix. Party on!
No Bubble, My Bad :-(
Bay Area Bubble Bloggers Admit Defeat, Throw in the Towel
Copyright © 2006 Realty Times®. All Rights Reserved.
by Leslie Appleton-Young and David Lereah
The housing bubble blogosphere today was reeling from a shocking announcement made by an obscure but popular Bay Area Housing bubble blog, Patrick.net. The blog’s overall tone is as bearish as any on the web (”SF Bay Area Housing Crash Continues” staunchly declares the site’s link page).
Evidently, the site’s main contributors have completely reversed course and now claim there is no housing bubble. “After so many months of denying the obvious, we had no choice but to call it quits and Face Reality,” says Peter P, one of the blog’s earliest threadmasters. “Agreed,” says HARM, “it’s painfully clear that we were dead wrong and housing is going to keep appreciating 15% a year forever, just like Gary Watts says it will.”
February 16, 2006
Posted by blogger at 2/16/2006