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> "Nowhere to go but up"? How quickly we forget the last housing bubble. The title was an obvious pun, referring to the need for high-rise development (which w
by repsilat 13y ago
> "Nowhere to go but up"? How quickly we forget the last housing bubble.
The title was an obvious pun, referring to the need for high-rise development (which was touched on in the article, though it wasn't the focus.)
- greenyoda 13y agoI did understand the pun, but most of the article was actually about how quickly the prices in the area were rising, how people were paying rapidly increasing amounts of money for crappy real estate, how they were offering cash payments, payments above the asking price, etc. In other words, he was writing about a real estate bubble.
- muzz 13y agoThe last real estate bubble was fueled by the ready availability of credit (subprime loans, Alt-A, etc). These buyers today are often paying cash-- i.e. they are on the opposite end of the risk spectrum. They have no incentive to walk away if their house value falls 10%, 20%, 30%, etc.