Seattle Times’ columnist John Talton writes the third reference that I have read recently that speaks to ‘Those good-ole days are gone, gone, gone baby!’ Talton predicts that it will take many years to work out the resultant debt from the housing boom. He begins his pointed article with:
“The big news today is that sales of existing houses fell 27 percent last month to their lowest level in 15 years. I don’t know how many ways I can tell you this but: The. Old. Housing. Boom. Is. Not. Coming. Back.”
Talton’s pithy analysis of the not-too-distant housing boom that effectively cloaked the falling wages/income of average Americans with the questionable actions of ‘banksters’ concludes:
“Somewhere in the 2000s, much of America became like Phoenix, where real estate was the economy, rather than the consequence of a real, productive economy.”
Ahem. Rather perceptive, eh?