Remember, it’s a wonderful life
Chuck Ponzi July 15th, 2008
Even with all of the headlines out there, and with pretty much everything looking as black as it has been for a long time… we saw this coming, and we can see what’s on the other side.
It’s always blackest before the light. I don’t know exactly when the panic will end, but it always does, just like the euphoric mania that preceded it.
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so when is the bottom? 2010? when is a good time to consider jumping in?
Nobody can say when the bottom will be, although there are several reasonable metrics to indicate when we’re nearing the bottom. When the months of supply gets below 6 for 6 months or so, the rate of foreclosures is below that of foreclosure sales, and average prices drop below 3x annual income for areas, we’ll be in the right ballpark. Also, a less precise measure will be when the talking heads are all negative on real estate, and nobody is calling the bottom any more.
As for the OP, I do think it’s important to stay positive, enjoy life when you can, and not get caught up dwelling on the unfortunate circumstances you cannot change. However, I also don’t really see what’s on the other side of this depression; it could be a very different country in 5-10 years, and I’m not going to try to convince myself that eventually everything will be back to “normal”. America might need something other than reckless spending and government incompetence to clean up this mess, and I don’t think our country has the ability to elect people who can do what’s necessary to fix it. So it’s also important to stay flexible, so you can react appropriately to whatever kind of country/world we find ourselves in when this crisis plays out.
That’s my opinion, anyway.