US: Housing mania will end in tears - by Bill Fleckenstein
This is a good article from about a month ago.
"Today's tales of rampant real-estate speculation sound just like what we heard at the peak of the tech bubble. And we all know what happened when that bubble burst.
This week, I thought I might bloviate about the bubble in real estate -- the catalyst being a spectacular article in the March 2 edition of the New York Times titled "Speculators See Gold in a Boom in Home Prices."
About two years ago, I began writing on my Web site about the lunacy in the financing of housing, something I called the "housing hot potato." The evolution of this has allowed folks to use their homes as ATMs to live beyond their means. Now, as always happens near the end of bubbles, madness (in real estate) is on display nearly everywhere." More...
"Today's tales of rampant real-estate speculation sound just like what we heard at the peak of the tech bubble. And we all know what happened when that bubble burst.
This week, I thought I might bloviate about the bubble in real estate -- the catalyst being a spectacular article in the March 2 edition of the New York Times titled "Speculators See Gold in a Boom in Home Prices."
About two years ago, I began writing on my Web site about the lunacy in the financing of housing, something I called the "housing hot potato." The evolution of this has allowed folks to use their homes as ATMs to live beyond their means. Now, as always happens near the end of bubbles, madness (in real estate) is on display nearly everywhere." More...
posted by Little_Silvered at 10:35 PM
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