Monday, August 29, 2005

Seattle's Bubbling Stupidity Gets More Attention

You may recall a few weeks back when I highlighted a sad example of bubble mania here in Seattle. Thanks to locally-based MSN Money columnist Bill Fleckenstein, that little stunt is getting even more attention.
There was another sign of the times in "Bidders win unseen lands, discover they bought trouble," a story in the Aug. 17 edition of my Seattle Times.
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Joe Public is buying land sight-unseen without doing any due diligence. If that isn't a top, I don't know what one would look like.
I agree with you 100% Mr. Fleckenstein. I just don't know how long the top will last.

(Bill Fleckenstein, MSN Money, 08.29.2005)
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1 comment:

  1. AnonymousWed Aug 31, 10:15:00 AM PDT

    Seattle's not the only place where ppl seem to be buying just for the sake of it. I suppose that in the end, housing stocks will be improved, and rents will be kept down, but I can't escape the feeling that ppl are buying because they can--low interest rates, competative lenders, etc. It makes it tough on first time buyers who really want a house to live in.

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