I can only relaate what my father relayed to me on our tour of all the houses he lived in Brooklyn's park slope neighborhood.
Dad's 1st house was 10 Sackett St where he was born in 1911. We kept asking him where the house was because all we saw was large warehouse on a pier numbered 100 Scakett St. Dad just would point to a spot somewhere near where pilings ended at edge of NY harbor.
Their was a progresion of better houses higher up the hill until he went into diatribe about a large apartment bldg. at top of hill near Prospect Park. Dad complained that his father tried the buy it in 34 but bank wouldn't lower price on their books. His father wasn't able to buy in until 41.
Take home question is the next asset crapout going to come more from stocks or residential real estate. I think not stocks becuase as long as combo of PPT and 401K money can outbet hedge funds stocks keep going up until earnings start increasing. Once real estate investments start looking somewhat dicey especially with light of your analysis of "carrying cost" vs sales value and more important for investors future rate of appreciation. Once people realize that real estate will revert to 4% rate of return, cash will start chasing stocks with a exception of a small possibility of a wild but brief ride for gold if we invade Iraq which declines every day. Bush mandate for Iraq action with his hand picked dummy for Senate was not palatible for La. voters yesterday.
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