Bubbles reminds me of.. a soap! Yes, a soap advertisement back in the late 80s in India .. no idea whether the brand still exists. Anyway.. before you skid on soap water, let me put my thoughts ahead first - the state of the housing sector in the U.S, isn't a bubble! It is a balloon.. the rubber band has just been removed... and it'll take years before all the air comes out of the balloon. 2011 is my earliest guess for the balloon losing all air, at least in the state of Virginia where I belong.
Now I am a little bored, yawning actually, since I've been predicting the balloon idea for at least 3 years now... more specifically, from the time I've been married. People known to my wife and me, have more often enquired about when we'd buy a home, than wished us the time of the day. Advise, like free speech and unlike free beer, flowed in from all corners of the world.
1) Our parents in India said - "buy a smaller home that you can afford so you don't need to take a large loan"
2) Our friends in the US said - "both of you are working. Why don't you guys go for a single-family home?"
3) My cab-driver told me - "You don't own the home I picked you up from? (What a shame!) I think it is high time you buy one. I just bought mine 2 years ago."
4) The Senior VP at my workplace said - "In the Washington DC metro area, the house prices have never fallen. I think you should buy."
5) Various commentators on TV channels said to the effect - that always invest in a home, you won't lose any money.
6) Our friends in the US said - "if you don't buy now, when will you buy the house? When the prices become unaffordable?"
........... the list of questions/advise went on. I yawned then. I yawn now........
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