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Contributed by mm | May 31, 2005 6:53 AM PST
Well said, this is "bubble mentality."
From USA Today:
This type of behavior is the latest sign of speculation in today's frothy housing market, says Gary Kaltbaum, a money manager and host of the nationally syndicated radio show Investor's Edge. It's a sign that a bubble mentality is forming. It's a sign many people still believe housing prices will continue to rise at a feverish pace forever.
"All these signs tell me that we are in the late stages of a housing mania that is reminiscent of the dot-com stock market bubble," Kaltbaum says. "People are paying prices that have no relation to where housing prices were in the past, in the hopes that someone will pay a higher price. And that is a definition of a frenzy."
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Low Mortgage Rates Defy Expectations (June 2, 2005)
Very unusual ... the yield curve will be almost flat if Fed keeps raising Fed rate. Many people are certainly playing with fire now, and the outcome does not look promising.
Wanna Buy This House? Send Your Rsum (May 30, 2005)
All these mean the housing market is not only hot, but red hot. I firmly believe we are in the bubble, but it is very hard to call the top. In my hometown Shanghai, people would wait in the queue for two straight days just ...
Is Your House Overvalued? (May 30, 2005)
Yes, I believe price/rent ratio is a good measure for housing market health. Check out the ratio for major markets.
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