Phew! If you want a no-holds-barred, bare-knuckle assessment of the real estate market, check out a Q&A in New York Magazine with Nouriel Roubini, professor of economics at the Stern School of Business at NYU. If this guy is even half-right, we’re in for a wild ride. Just a sampler:
…since 1997, real home prices have increased by about 90 percent. There is no economic fundamental—real income, migration, interest rates, demographics—that can explain this. It means there was a speculative bubble. And now that bubble is bursting.
And he’s just getting started.