Here’s a great article from Business Week about the Housing Meltdown.
At 5 pages, it’s an extended read, but worth it. Full of facts on everything from histories of real estate pricing to the imminent dispelling of the myth that home ownership is the golden ticket to wealth in America. Personally, I’m quite looking forward to the time when:
“Americans are going to have their credit cards taken away from them by the lenders. We’re going to turn the American economy into a cash economy.”
AKA: Guess what? You shouldn’t buy a big screen TV if you can’t afford a big screen TV.