Editorial About the Housing Bubble

This editorial is from the San Francisco Chronicle. When housing prices here at the shore eventually colapse, some people might be able to take solace that they did not get burned as bad as the people in California did.


[THERE IT SITS: a "for sale" sign on the front lawn of a new three- bedroom, two-bath home. Manna from heaven for every house-hunting family.

The price? Don't worry. There are cheap loans that shave down the monthly mortgage check and put the house keys in your pocket. Besides, at this price, this baby won't last long. Buying into the housing market has never been easier.

This is the siren song of real estate across the country and especially in California. Buy now, pay later. Easy loan money has teamed with skyrocketing sales prices to produce a classic bubble...]