Housing Rolling Along 2
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Japan is not a true free enterprise, capitalistic society as we in the US understand that term...
They have tremendous "inter-locking directories"....companies, banks, and government all tied together in a dangerous "incestuous relationships"...one segment gets in trouble....pulls everyone else down with them...
Japan is also basically a "closed society"....very little immigration or new entrepreneurs coming in with new ideas, products etc etc...
Everyone marches to the same drummer...
SteveD
They have tremendous "inter-locking directories"....companies, banks, and government all tied together in a dangerous "incestuous relationships"...one segment gets in trouble....pulls everyone else down with them...
Japan is also basically a "closed society"....very little immigration or new entrepreneurs coming in with new ideas, products etc etc...
Everyone marches to the same drummer...
SteveD
SteveD, it's odd you mention that-
exactly the same kind of economy, the US, britain, most of europe, definitely australia,
canada, and in fact all the industrialised world , has ran away from at a million miles an hour for the last 40-50 years.
And its not as though, there weren't workers to do the job, in entirety-just some kind of oppurtunity cost, to get richer faster, and its worked, near as anyone can tell.
So where does that leave japan?
Unlike many of the aforementioned economies/societies, they are still remarkably closed off from outside labour.
They have no land, or natural resources to speak of, yet-have had the most stable economy anywhere for the last 20 +years, in real terms.
Is it even possible, to compare a housing market like that, to the flipping practice's of a housing bubble's bubble?
exactly the same kind of economy, the US, britain, most of europe, definitely australia,
canada, and in fact all the industrialised world , has ran away from at a million miles an hour for the last 40-50 years.
And its not as though, there weren't workers to do the job, in entirety-just some kind of oppurtunity cost, to get richer faster, and its worked, near as anyone can tell.
So where does that leave japan?
Unlike many of the aforementioned economies/societies, they are still remarkably closed off from outside labour.
They have no land, or natural resources to speak of, yet-have had the most stable economy anywhere for the last 20 +years, in real terms.
Is it even possible, to compare a housing market like that, to the flipping practice's of a housing bubble's bubble?
Steve,
Had to chime in with a "me too". This is what I'm seeing in north Florida as well. I too think that if we're not at the bottom, we're close to it. I saw some weakening, but not much to write home about. Now I'm seeing the market tighten up. Rates dropping just a little bit are helping things.
I don't like to say, "this time its different", but I can say that this time, interest rates climbed very, very slowly, giving people more time to adjust than in the past.
SM
Steve,
Had to chime in with a "me too". This is what I'm seeing in north Florida as well. I too think that if we're not at the bottom, we're close to it. I saw some weakening, but not much to write home about. Now I'm seeing the market tighten up. Rates dropping just a little bit are helping things.
I don't like to say, "this time its different", but I can say that this time, interest rates climbed very, very slowly, giving people more time to adjust than in the past.
SM
Keiretsu's with super bad loans coupled with non reformist attitude because of care for its people.
maybe in your home markets. its just starting in Cal. Inventory levels are getting way out of hand, and regular folk are now learning what happens when you can't refi into another ARM. The fundamentals propping these totally absurd prices are going bye bye!
When the ave home value is $700,000, and the ave income is about one tenth that, something has got to give. I've been waiting for this for about a year actually. I think its going to be far worse than people even now think.
Bottom? Not even close. Maybe in 2 or 3 years!