3 ms·

Don't worry everyone this time it's different.

• snarfy 11y ago
  It is different. In 2007 the bubble was everywhere. Today markets like Los Angeles, San Francisco, Seattle, Vancouver are at or above 2007 levels. Other markets like Phoenix, Atlanta and most others have still not recovered. It's lack of inventory causing the increase, not sub prime mortgages. I just bought a house myself in a hot market. It had 35 offers on it. That week there were about 3 houses available in the entire county of similar price. And every week I've shopped, the outlook was just as grim. They will need to build a lot more to meet the demand, but there isn't enough space.
  • ghaff 11y ago
    The bubble really wasn't everywhere. The areas with a lot of genuine demand because of job growth and other factors (Bay area, prime areas of Northeast, prime areas of NYC) didn't decline to nearly the same degree that locales like Las Vegas did. Presumably, absent the sub-prime crunch, prices would have started rising more and sooner in the popular areas.