Edgar J. Steele wrote:
But ... things look so normal, Martha!
by Edgar J. Steele
October 22, 2007
So you look outside and you say that the world looks just like it did yesterday? Take a few minutes to watch the YouTube videos linked below and then ask yourself whether looks can be deceiving.
This proves that the value of American housing now is down about 50% in many parts of the country ... and in just a few months, too.
In my book, Defensive Racism, I pointed out that housing dropped to 10% - 25% during Depression I before the bankers really stepped in and started buying with both hands. Depression II will be worse, I also pointed out. Worse. I took a lot of heat for that prediction. Do you think it sounds quite so ludicrous today as it might have in the go-go years of 2003/2004, when I wrote it?
I also advised readers to buy gold when it was below $300 an ounce (now pushing $700) and silver when it was beneath $5 an ounce (now pushing $14).
Before this is over, the guys in these videos buying houses and condos for half their early-2007 value will be just as put off as the builders and sellers of those same condos and houses are today. And those same builders and sellers will be saying, "I'm glad I got out when I did."
Central California Housing Crash:
Florida Housing Crash 50% Off:
Miami, Florida Housing Crash 50% Off:
US Mortgage Mess Goes Global:
Global Market Meltdown:
How Millions of Americans Will Lose Their Homes:
Bill Moyers Housing Market Meltdown (from June):
Many who thought I was crazy as a loon back when I wrote Defensive Racism today are grudgingly admitting that I was right on the money about every single thing I said. What should really scare them are the yet-to-be-fulfilled predictions I made in that book that concern the near future in America. Real estate falling even more, to 10% of its former value, all over again, is the least of it.