Tuesday, September 15, 2009

Newsflash - Real Estate Is Over

The following images are from an email that recently spammed my inbox. It pointed to BostonWealthExpo.com which is some multi-day real estate convention coming to Boston. There's a $300 admittance fee that will get you in front of all sorts of glib get-rich-quick quacks:

A lot of people there, eh?

And, does it or does it not look like a religious convention?

Yeah, right!

Real estate....the quickest way to wealth???

I remember reading Mr. Mortgage say something to the effect that people have been buying homes *the whole way down*. I totally agree.

Foreclosure auctions are packed. Homes priced realistically are still getting scooped up. Inorganic buyers, aka *investors* are buying ALL of the REO in Florida. And people, your Moronic neighbors and co-workers, are still mostly complacent, mostly sanguine about their underwater homes with 30 years of bills left to pay.

This is not how bottoms are made. The bottom in housing will be here when NO ONE is interested in buying ANYTHING AT ANY PRICE.

Obviously we'd be closer to the bottom, price-wise and time-wise, without all the deficit-funded bailouts.

And without all these Morons going to snake-oil conventions.

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