Paul Kedrosky's Infectious Greed
Finance & The Money Culture
One of the more remarkable unintended consequences of combining the commodity boom,… [cont.]
[Full post at my Bloomberg blog]
What's your personal opinion on this Paul?
Being from Vancouver, I didn't think it was sustainable 5 years ago and it just keeps getting worse. Now I'm starting to think this may truly be a paradigm shift. On the other hand, this may be what the bubble wants me to think.
I recently had a friend buy a $660,000 house with 5% down. Do the math all he needed was 33,000. The mortgage is split between himself and his wife AND a tenant in his basement. They could barely make the payments, so they had a friend move into their second bedroom. I have quite afew stories like this, but at the end they all point to the same thing. Over exuberance in the housing market. Im 22 years old, and have enough money in the bank to put a down payment on a $400,000 apartment (2 bed/2bath), but I would rather wait this out. I could be wrong for 5 years like you, but thats OKAY with me.
All good things come to those who wait. =)
A good many vaulaebls you’ve given me.
Paul Kedrosky‘s Infectious Greed
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