Today’s Housing Bubble Post

‘It Was Naive To Say, This Will Go On Forever’,

“Such a sharp decline in home sales has sellers in the area frustrated, and the number of additional homes coming on the market is only making matters worse. In June, another 19,300 homes received for sale signs in their front yards. With less than 9,000 homes selling last month, you can see what sellers are up against.”
… “‘I’m not buying your overpriced place on some silly discount. I’m buying at 2002 or earlier prices. If not from you, then from your bank when you forclose.’ Maryann Haggerty: ‘Who is sounding a little, well, smug and condescending now’?’
[. . .] ‘Things were tooling along beautifully for like the last 10, 15 years. Then all of a sudden, business dried up.”
“This is the kind of lull that often follows a boom, Waukesha developer Bryce Styza said. ‘We had a terrific 3, 4 years,’ Styza said. ‘It was naïve to say, ‘This will go on forever.’” [emphasis added]