even the macro market is bad, like TexasTrader. Prepare for the worst and hedge against risks is the way to survive.
Determination is a double-edged sword. It might help you, and it also could hurt you deeper.
I am pretty pessimistic on the housing market even though I had to buy this year after observing local market for 5 years(we desperately need the space for the kids). Old generation wants out and younger generation couldn't afford it (Chinese and Indians are exceptions).
Look at Bernanke himself, he bought at $840k (2004) and still owns ($680k) after two refinances. Actually, he is in excellent shape himself comparing to most Americans that I know. Yes, most of them live in expensive houses and maintains high standard of living standards. They are going to retire in the upcoming 10 to 20 years. Deleveraging is a long process. Some people will survive and make a killing out of it.
I wish most the landlords here are the eventual winners.
