Totally agree with you. Realestate has fed consumer optimism, based on the wealth-effect theory; i.e. the more wealthy people are feeling the more likely they will continue to spend, this is what has kept the US ticking along and the questions begs to be asked, what happens when consumer optimism cracks?
One of tonights headlines " Mortgage Applications Hit Record Wed 7:19am ET - Reuters A record number of Americans applied for mortgages last week as the lowest borrowing rates in over four decades spurred consumers to buy homes and refinance home loans." Just have a look at some of the tech-boom fav's, nothing continues to rise forever; The reality will be ugly when it arrives and like many I feel everything is in place for this to happen later this year.
