"Lee Michaels" wrote in
:

It is funny how everybody is whining about the declining real estate
prices. Gee, real estate was way overpriced to due to rampant
speculation and liar's loans. If real estate was to acheive some kind
of real world value that is a good thing. And this so called recovery
that we need may not be able to do it with overpriced real estate.

With real estate, as with most anything, it is worth what the next idiot is
willing to pay for it. Underline and boldface IDIOT. Are you counting on
the behavior of idiots?

The mess came about when people (buyers, but especially banks and mortgage
brokers) were counting on an ever upward valuation spiral. Now a whole
bunch of people are in trouble. I would not be able to sort out who needs
rescuing and who needs stiffing.

I used to buy new cars. Some 10 or 12 years ago I decided I could not
afford the car I wanted as a new one, and bought second hand. The
experience was good, so I repeated it almost 4 years ago. I guess that is
part of being somewhat more frugal with incrreasing age.

--
Best regards
Han
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