I was reading an interesting article in SmartMoney about housing.
It postulates that housing is not only back to 1998 levels, but 1895 levels. What does that mean?
- The USA had only 44 states: Utah, Oklahoma, New Mexico, Arizona, Alaska and Hawaii were still territories and yet to join
- People got around by horse and buggy
- The Soviet Communist Revolution was still 22 years away
- Steve Jobs was yet to be born for another 60 years
- There were no iPhones
- The sun still never set on the vast British Empire
- Social Media was done by telegraph
- Facebook was still just BOOK-BOOK
- And the National Association of Realtors was yet to be founded for 13 more years.
So, I ask the question: Why are folks waiting to buy? Are people scared? Or do you think values will fall further?