WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Another one bites the dust: Chuck Ponzi buys a house

One by one, the blogosphere's hardcore housing doomers are succumbing to the lure of easy credit and buying into the Great American Ponzi scheme.

First it was your humble correspondent, W.C. Varones: How I learned to stop worrying and love the bubble.

Then it was Skeptical CPA's Independent Accountant: I.A. short sells dollar!

Now it's Southern California Real Estate Bubble's Chuck Ponzi: Buying a house.

Which raises this question: if the last guys to want to buy a house have finally capitulated, where are the next marginal buyers going to come from? As far as I know, Twist of Housing Doom, Dr. Housing Bubble, and Patrick of Patrick.net still haven't bought, so that's three potential sales at some point in the future if prices ever become attractive to them. Seriously, though, how many people do you know who have the down payment and the income to purchase a house, who don't already have one?

2 comments:

Shane Atwell said...

Peter Schiff bought a house for his mom a few months ago.

beebsblog said...

It's like I told my wife 22 years ago on our only house If it takes a doctor's income and investments to buy a house now, who are we going to sell to in the future?

I can hear Ben's helicopters starting their dive towards the beach, and I do believe I hear Ride of the Valkyries. I can almost see them kicking pallets of hundreds off into the surf.

Related Posts Plugin for WordPress, Blogger...

Contact Us

e-mail: wcvarones *at* yahoo *dot* com

Blog Archive