More New Economy
Real Estate is in a "New Economy". Old Rules don't apply, say the builders. Booms are not followed by busts, but rather by further booms. Never ending demand is the new paradigm. Bullshit! The only thing that is new is the degree of leverage that people are willing to accept, and by defenition creditors are willing to give. This will unwind! And when it does, it will not be benign.