Housing prices are going up because the wealthy want to live along the coast. That's who's driving prices up.
We as a nation are not as oil dependant as we were back then.
There are some signs that the housing party is ending.
This is a real-estate-driven economy from top to bottom.
When consumers realize they can no longer expect that appreciation bonus to subsidize their consumption habits, they will very likely pull back on spending.
It's pretty rare for home prices to fall unless you lose a lot of jobs in the local area. What you're really looking at is prices going flat for six or seven years while the fundamentals catch up.
We have lots of new employees. It's just not showing up in the employment statistics.
We say it's a bubble, but a housing bubble does not pop like a stock market bubble, ... A stock market bubble, when it pops, lots of market activity, prices dropping rapidly. Housing prices don't drop that way because there's a huge fixed cost. You don't day-trade your home.
It's people building houses, ... It's people financing the building of houses. It's people working in the stores that are furnishing those houses, and of course, the real estate agents who are making this all happen.
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