Day by Day

Thursday, October 04, 2007

Past Due

Michelle Malkin asks if the current housing downturn is 1992 all over again.

Well, maybe, if you're looking at the political remifications of it. But here's my take on the whole thing - it's well past due. This isn't a housing crash. It's a market correction. And there's a huge difference between those two definitions.

I've watched the housing market soar upwards for years now. I've seen some houses double their market price in a year. A house that went for $80k in Coeur d'Alene when I left is now selling for $250k. Or higher. The price tripled in a decade, in an area that could not support the cost. Sooner or later, the market rebounds and corrects itself, as it is doing now. I have to run, but I'll update this post later.

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