James Altucher of Formula Capital rants about the scam that is home ownership in America.
As a renter myself (a renter in California, no less!), I ate this clip up. I still remember feeling REALLY dumb in ’03-’05 when everyone was buying property that “never went down” – at least not in Northern California.
Now with unofficial unemployment in Sacramento County pushing 17%, and home prices off their peaks by 50%, the common wisdom has changed a bit!
Still, I don’t think we’ve hit bottom – not as long as we’re still in the early stages of a Depression. I’m only interested in buying property if it’s for $0.10 or $0.20 on the dollar – which I think there’s a chance we could see, if we get the complete fallout that Bob Prechter & Co are calling for.
Further recommended reading: