From MSN.com’s Bill Fleckenstein
June, I suggested that Time magazine’s cover story, “Home Sweet Home: Why We’re Going Gaga Over Real Estate,” might be signaling the peak.
“Big dreams filled Rick and Christy Alonso when they bought their new house from Dominion Homes. Start a family. Build equity. Move to a larger house. But six months later, their suburban [Columbus, OH] neighborhood on the Far West Side began to deteriorate. New houses suddenly emptied. Thistles and dandelions overran lawns. Neon orange labels appeared in windows, signaling foreclosures.”
Who was the famous investor who said “When shoeshine boys start giving stock buying tips, it’s time to get out of the market?” Those words keep ringing in my ears as I read this… The same applies to Time, Money magazine, and USA Today I’ll wager.
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