Thursday, March 20, 2008
Yes we are!
As we sit in the midst of what seems like an historic episode I find myself struck by one question: how can we have let ourselves get into this again? There’s a Homer Simpson quality to the analysis that led us here…you can picture Homer attempting to grab a donut well out of his reach, banging his head, and then repeating the mistake time after time. That’s where we appear to be in the housing market. One colleague suggested to me today – rather acutely - that housing market cycles last eleven years, while our memories last nine.