Is disaster brewing?
One can only wonder what the outcome of this stupid housing bubble will be. It felt so good for the bulls and cheerleaders from 2003-2005. But things seem to be turning rapidly. Inventory in my part of Bergen County has skyrocketed, as many refuse to face the new reality of falling prices. If one was to use a Biblical allegory, I am not sure if it is the story of Noah or the story of Joseph. Do we have and Ark sufficiently large to ride out this storm? Have we prepared in times of plenty for times of famine? I am affraid that we may not be prepared for the ensuing difficulties. All of our credit cards are maxed out, we financed our over priced homes with Arms, or worse, and we have no net national savings. When hard times hit, as they alway do, what will happen? I see a lot of pain ahead for all. I pray we can get through it.