Early warnings of a bubble in housing from 2004
It's amazing, isn't it, how often we ignore sensible advice when it seems unfashionable or less than desirable? I was thinking of that when I ran across an article published in Money Magazine in 2004.
Among the author's observations:
- Owners have unrealistic expectations
- Housing is increasingly unaffordable (too many millionaire mansions)
- Signs of a slowdown are emerging in many areas
- Housing debt is getting worse
They conclude with the cautionary note: If something can't go on forever, it won't. Had we but listened!
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