August 02, 2007
Go back to the height of housing bubble frenzy in 2004 - 2006: do you rememember what housing panic looked like (on the buying side)?
Remember all the people taking real estate license classes?
Remember HP'ers being called brown shirts, flying monkeys, bitter renters, bubble heads, pollyannas, chicken littles and worse?
Remember being told "they're not making any more land" and "if you don't buy now you may be priced out of the market forever"?
Remember all the flipper and home improvement shows on A&E?
Remember George Bush calling for everyone to own a home (regardless of the ability to pay or price)?
Remember David Lereah and his "Why the Real Estate Boom Will Not Bust" book?
Do you remember? Good. Because next time the madness of crowds takes over, run the other way.