Everyone is realizing that the Real Estate Bubble was obvious for a long time...
And just like the DotComs it was strickly momentum that was driving the markets' ever higher prices... Alas, not reality.
My hunch is that the Real Estate Crash will be much worse than the DotCom Crash... Few were really speculating in the DotComs...a lot of daytraders really.
The Real Estate Bubble has far greater implications because it effects something nearly everyone has...a house to live in. Every square inch of this country is covered by real estate, it's everywhere...and it's all "in play" now.
Real Estate is the one "asset" that ordinary people have...and many folks were using their house as their personal ATM during the refi craze... And God only knows how many of them took out ARMs...which are now "adjusting" higher...
But that's over now...and a lot of people have been sucked into a debt quagmire that even bankruptcy won't be able to relieve...
