Augie De Blieck Jr.
11-07-2006, 06:07 AM
Here's the basic economics learned from comics applied to another "real world" situation:
http://www.nytimes.com/2006/11/07/realestate/07land.html?ei=5090&en=22b43ceaff41373b&ex=1320555600&adxnnl=1&partner=rssuserland&emc=rss&pagewanted=print&adxnnlx=1162904563-q0UYyekXalovnAazrJ8G9g
It's all about the housing boom and now bust in Phoenix. At one point last year, statistics show that a full third of houses bought or built in Phoenix were done by speculators, who thought they could put flip the house with $5000 and make $100,000. They weren't far off, for a time.
Then, people stopped coming, but there were still a LOT of houses sitting on the market, and the investors had to take drastic measures to sell their "investments" to recoup any money.
People came in from California, speculating while the going was good, and then ran screaming once they realized how overbuilt the area had become.
Gee, that sounds familiar. . .
-Augie
http://www.nytimes.com/2006/11/07/realestate/07land.html?ei=5090&en=22b43ceaff41373b&ex=1320555600&adxnnl=1&partner=rssuserland&emc=rss&pagewanted=print&adxnnlx=1162904563-q0UYyekXalovnAazrJ8G9g
It's all about the housing boom and now bust in Phoenix. At one point last year, statistics show that a full third of houses bought or built in Phoenix were done by speculators, who thought they could put flip the house with $5000 and make $100,000. They weren't far off, for a time.
Then, people stopped coming, but there were still a LOT of houses sitting on the market, and the investors had to take drastic measures to sell their "investments" to recoup any money.
People came in from California, speculating while the going was good, and then ran screaming once they realized how overbuilt the area had become.
Gee, that sounds familiar. . .
-Augie