Housing Troubles

So many people just don't, or won't accept the truth. I understand. It is hard to swallow.

I hear it over and over again: "In a few years things will turn around." "We'll sell now, before the credit expires."

I am sorry folks, but housing prices are no where near a bottom. The house you are living in is worth roughly what it was worth in 1992.

You can either eat the loss and work your ass off to pay off the mortgage, or walk away.

But nothing, nothing can change the hard fact that the gigantic housing bubble of the century has burst. I may be even a bit optimistic when I say 1992 prices were correct.

We are on the edge of a Great Deflation like nothing any of us has ever seen before.

If you are lucky, you do not own real estate that was purchased in the last 18 years.

Or you own it outright, and have no need to sell.

I know people can't stand this idea.

Baby Boomers: it's over. The wave you rode in on has gone out to sea.

Thank the Universe if you were wise enough to save and survived this with some of your savings intact.

If not, get real. Denial will not help you. The stock market was a wave you rode. Nothing more, nothing less. You were part of it, but you cannot control its course, any more than a ripple on the Ocean's surface controls the currents underneath.

Housing prices are not done correcting. Not even close.