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?
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Inflation is progressive utopians encountering resource constraints for the first time.