Waiting for the Crash

Yep, those are my clients--the ones waiting for the crash. They've read the Los Angeles Times, the on-line pundits, ignored the demographics, and noted the ominous financial trends. They've been waiting since 2004 and it's a matter of principle now, of moral superiority. They will be rewarded by waiting, and virtue will be theirs, or so promises their financial faith. In the meantime, the market sprints off, like Greyhounds chasing a mechanical bunny.

It's the biggest question really. Is Los Angeles in a real estate bubble, and will it burst? I've got more to say regarding this than I can fit in a single submission, or write in a single sitting, but let's just keeping pecking away.

To those that are concerned with a loss in value, what're they doing now? About shelter I mean, sleeping along the embankment? In a pup-tent by the river? In a comfy tree house? Presumably they're paying rent. Hopefully it's cheap rent, but even $800 a month is nearly ten grand a year. Isn't that a loss?

Buy a house because you want to. Because it's a step forward. Because it's a way to optimize your environment--whatever. Since when did home buying become mere speculation?

Do I like the housing market? I like being a homeowner. I like working on my bungalow, and I know that I'm going to be in it long enough to ride out any market rough spots.