Housing Bubbles Are Few and Far Between

As I posted on another thread, worthy of repetition on each and every real estate thread every written: "But they knew that land was fixed in quantity and would last forever, and many believed that as the economy grew and more people were born, there would be ever-increasing demand." Sound like Manhattan bubbleites, recently? NAH! It was Nebraska, circa 1835. “Who ever heard of a man buying and... [more]

As I posted on another thread, worthy of repetition on each and every real estate thread every written: "But they knew that land was fixed in quantity and would last forever, and many believed that as the economy grew and more people were born, there would be ever-increasing demand." Sound like Manhattan bubbleites, recently? NAH! It was Nebraska, circa 1835. “Who ever heard of a man buying and selling a farm at the same or a lessened price? It is so well understood that the seller is to have more than he gave, that it has almost become a settled principle in the purchase of real estate.” http://www.nytimes.com/2011/02/06/business/06view.html?ref=realestate Thank you, Robert Shiller, for another piece of economic, Krugmanite brilliance. Note, Riversider and LICCdope, the comment about what happened after "the loss of fiscal restraint that had been imposed by the short-lived Second Bank of the United States." You know, the predecessor to the Fed. Pre-Bernake-Greenspan-Friedman. [less]