In your business, if your sales collapsed 40% to 50% in a year, would you call that a soft landing? Or would you think the rapture had occurred or the world had just ended?
I don't know about you HP'ers, but in my 15-year marketing career, I've never suffered a sales decline year over year. So to see the US and city by city numbers we're seeing - 30%, 40%, 50% declines in home sales - man, those are some ridiculous, incredible and epic numbers.
Soft landing my a*s. Housing has fallen off of a cliff, and there's no way for the NAR, MSM or REIC to spin it otherwise (try as they might).
Bottom line: These are historic days for housing, which will be written about for generations to come.
The Great US Housing Crash of 2006 - 20??. Think about it - 400 years later kids still study the Dutch Tulip Mania in school. I propose that kids in the year 2500 will be studying what happened these past few years in the US and around the world. And as we do in regards to the Dutch, they'll shake their little heads and ask:
"What were they thinking? The fools!"
'May you live in interesting times' it has been said. And so we do. And so we do.
October 26, 2006
Posted by blogger at 10/26/2006