I would have to agree, in the economy as in life most things have a way of evening out. The same is true for the housing market if you can hang on it will work itself out.
You are seeing just what I see. The "big picutre" can get lost in short term thinking.
1. Everybody is worried about fuel prices.
2. The economy is in shambles.
3. The Sub Prime mortgage situation is a disaster.
Let me interject:
1. $5.00 a gallon gas is outragous right now, but will be seen as absolutely normal withing two years.
2. The economy is in shambles, but if I were President, this is exactly how I would want to inheret the job.
Within three years, stocks will be through the roof again.
3. The worst thing our Government could do right now is bail out the Sub Prime mess. The S-P mess is nothing more than a larger version of credit card dieting with easy debt service.
These are people who failed 2nd grade arithmetic. If 1 + 1 doesn't equal 2 within your personal budget, you have nobody to blame but yourself. Just because a bank will lend you money, you do need to pay it back.. If you got sucked into a teaser rate without doing the math when the teaser ended, then what do you want from me? I certainly do not want to pay for "Joe Blow's ignorant extravagance, but I'm sure the politicians will make us at some point.
So, in my mind, the big picture will be rosey in a few short years all over again.
Cue up this post for 2011..