You may recall a few weeks back when I highlighted a sad example of bubble mania here in Seattle. Thanks to locally-based MSN Money columnist Bill Fleckenstein, that little stunt is getting even more attention.
There was another sign of the times in “Bidders win unseen lands, discover they bought trouble,” a story in the Aug. 17 edition of my Seattle Times.
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Joe Public is buying land sight-unseen without doing any due diligence. If that isn’t a top, I don’t know what one would look like.
I agree with you 100% Mr. Fleckenstein. I just don’t know how long the top will last.
(Bill Fleckenstein, MSN Money, 08.29.2005)
Seattle’s not the only place where ppl seem to be buying just for the sake of it. I suppose that in the end, housing stocks will be improved, and rents will be kept down, but I can’t escape the feeling that ppl are buying because they can–low interest rates, competative lenders, etc. It makes it tough on first time buyers who really want a house to live in.