“Whats wrong with this picture?”“…With every bubble comes fraud. The two go hand in hand, and housing is not unique in this respect. We are only beginning to scratch the surface of the fraud that supported this bubble…”
– Mike Shedlock

This couldn’t be any more true. I was just reading an article about how now, years after the Real Estate slowdown in Australia (which so many economists point their fingers at when we talk of a housing “meltdown” in the US) they are finding more and more people who have been duped by “Real Estate Investors” claiming to have invested their money and then filing for bankruptcy.

I just heard a sad story of a friend of mine who got screwed trying to sell his home when he found out it was under a duo-ownership and that one couldn’t be found (use a lawyer when buying people).

When discussing the housing market with an acquaintance looking to buy a home in Florida I mentioned that they may want to wait a bit till housing becomes more affordable. “Yes” she answered “but they say it should pick up again in 2008”.

So now its a slowdown but it will get better. I wonder if it will get better before it gets worse or after? We’re only off our top about, what, 2%? Even when they admit that it’s a slowdown, people still look forward to “2008”. (Refer to top of Blog).


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