Giant Hang-Over

This is a great article by Peter Schiff called With Real Estate, This Time it Really is Different. If any of your friends and/or relatives need convincing why the real estate bubble is bursting, then this is a good article to send them.

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"The housing mania, like all manias that have preceded it, is finally coming to a long overdue end. Time tested principles of prudent mortgage lending will inevitability return, and houses will once again be regarded merely as places to live. However, the country will be a lot poorer as a result of the unprecedented dissipation of wealth and accumulation of consumer and mortgage debt which occurred during the bubble years. Before real estate prices can return to normal levels, they will first have to get dirt cheep. It has been a wild party, but in the end all that will remain is a giant hang-over."

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