There is a large psychological element behind current housing prices, |
These monthly numbers are very erratic. It can be that this is a sign (of the bubble bursting), but I would never make too much of one month's number. Especially since the other timely data we get, the mortgage applications for home purchases, have still been pretty high. |
They can't continue to spend beyond their income indefinitely. If people are building up large amounts of debt, you reach a point where they can't continue. |
Things do seem like they're out of line, but of course I've been seeing warning bells for several years. |
Until the psychology starts to shift or interest rates jump up, the market will probably stay strong, ... So far we haven't seen that. We've had a lot of stories on housing bubbles lately. Maybe that will affect the psychology. |
WE WERE shocking today and were given a lesson in finishing as they had nine chances and took six of them. |
We would really like people to log on to the site, check it out and give us some feedback. |
We're building at a 2 million-a-year pace, which is more than demand, and we're going to keep building at that pace until home prices correct, ... It's already showing up in the rental market, oversupply is pushing down rental prices. |
We've backed ourselves into a very dangerous situation. The economy is dependent on everyone consuming like crazy. If everyone heard my diatribe and said, 'Yeah, we better start saving,' the economy would go into a recession. |
When you see it increasing quarter after quarter, there seems to be something going on here. We're building more homes than are being filled. |
With the housing bubble now having generated comparable levels of unsustainable wealth, the economy faces even greater dangers today than it did when the stock market crashed. |