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WebWord Weblog Posting Posting Date: March 15, 2003 WebWord Comment -- This has nothing to do with usability, but I just can't imagine that the housing boom in certain parts of the U.S. will last. It just has to pop because it's a bubble.
Reader Comments...
I've thought the same thing for about 12 years now (since I bought my first house). Hasn't happened yet. People need a place to live and until the tax breaks of owning a home change, not sure the bubble (if there is one) is really that big. Posted by: Tom on March 15, 2003 10:12 AM
Housing costs in rural areas are through the roof with yankees fleeing the city for safe nowhereland after 911. Posted by: on March 15, 2003 11:31 AM
The base of the housing price pyramid is first-time buyers (ie, young professional couples, mostly). When entry-level house prices in Britain rose above 5 times this group's average yearly salary (the yardstick for mortgages) the market collapsed like a (ahem) house of cards and left new owners with negative equity in run-down "up-and-coming" areas. That was in 1989 and there's every sign another one is on the way... in Britain. NB- it was a bubble alright, but it was a loooong time in bursting. Posted by: Laurel on March 15, 2003 08:10 PM
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