See: Bye-Bye,
Housing Boom Ole Bear, Editor -- Commentary The Dinner Party Index I fell out of my chair rolling on the floor with this quote: It is obvious to me that today's real estate prices are a speculative bubble that is bound to burst. Of course, this has been obvious to me for about three decades and wrong almost all of that time. Nevertheless. One piece of evidence is the Dinner Party Index. The boom is over when more people are bored by real estate anecdotes ("My next-door neighbor got three times her asking price before she even put it on the market, from a professional mind reader who divined that she was thinking about selling. . . .") than have new ones. This is a fun article by one of the Op-Ed gurus at the LA Times, and is written in a tongue-in-cheek style which is rather refreshing. Why refreshing? I can look forward to all the pool, birthday, dinner, and other parties and golf outings I shall be attending in 2005 and not have to worry about hearing about how everyone else made a $1 in real estate! For certainly, no one ever talks about their losses in public! Yours Truly, © 2005 Realty Reality |
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