You have HP'ers and a slew of real economists who predicted the housing crash before it happened, and now it's happening. And we're also saying we have much, much farther to fall, and that this crash will go worldwide. It's the fundamentals stupid, and they're still WAY out of whack.
And then you have the clueless realtors, mortgage brokers, title agents and other REIC whose livelihoods depend on people NOT wising up, even though they probably know deep down that this whole thing was a giant Ponzi Scheme and mania, but don't want to admit it to others, or even themselves.
Well, here's a hilarious and kinda sad post from that side of the coin, thanks to an eagle-eyed HP'er. You just have to read the comments. You can literally smell the denial, and hatred for sites like HP who popped their precious bubble.
What's funny is that many view HP'ers as pessimists. Actually, we're optimists - we're optimistic that home prices are going to keep crashing, until they come back to reality. We're optimistic that hundreds of thousands of unethical realtors and mortgage brokers are going to go away. And we're optimistic that people are going to be smarter in the future with their money, and with who they trust with financial decisions.
I feel like I'm reading something out of a history book, describing the denial, the cluelessness and the complete lack of a financial education that helped cause the mania, and was still alive and well even as the mania collapsed.
As long as we pay closer attention to the media than we do our own common sense, we will not be at the bottom. The media preaches that we are not at the bottom and when we listen, we confirm that. We keep waiting, and that keeps the perpetuation of the downturn in motion.
We must understand that the moment we feel we are at the bottom, we will be. When investors think the best deals are now, they will be. However, when we listen to those who keep stating that we are not there yet and believe them, we will make them right.
And here's a few choice comments for your reading pleasure...
* It seems like I run into a consumer every day who truly believes the market will continue to plunge. Those same consumers are going to feel pretty silly when they realize the market has turned and they missed the boat!
* As always, you hit the nail on the head. It's a great time to buy, NOW!!!!
* “Smart People Are Buying Real Estate Now”. I love that saying