Saturday, September 8, 2012
I can't quantify this, but I think this ciomng real estate slide is going to have more of a national character to it. Much like that predicted by Gray Emerson Cardiff in 1982.One reason I think so is that the money market has been good for buyers for a long time. In a lot of markets, easy lending terms helped to jack up prices.What made lending terms so lax in some areas? I think local governments counties and cities were anxious to expand their tax bases with rising real estate prices. After all, the aftermath of 9-1-1 did strain a lot of local first-responders for resources.
