blah blah blah. This is the same stuff people posted 18 months to 2 years ago. July 09 was going to be the crash of all crashes because Steve Keen said so. I can't believe he still has any credit left whatsoever. Why does he get so much play. He could not have been so wrong and still people drag up his quotes.
Why haven't we learnt from the US? Well, for starters there was/is a massive oversupply of houses. There are beautiful houses still just sitting there in suburbs with no one renting/living there. I don't think too many of our capital cities have streets/suburbs where there are unoccupied homes everywhere. With our governemnt wanting to raise our population to 35million by 2050, where does that leave Australian housing on the supply and demand issue?
Another thing is that American laws are much looser in regards to home ownership. I can't believe people can just walk away from their debt and not be as accountable as we are. It just fuels speculation.
I've been in this forum for 10 years and i have been reading the exact posts from 1999. When it happens, those who have been preaching it will still be paying their $500 p/w to live in their house, while the person who bought in 1999 might have 20% or so less than where it peaked, but they will be stashing that $500 pw away that they have saved into something else.
