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Thursday, February 14, 2008

The truth ? about the current real estate market

I think I may have figured out what happened to the real estate market
lately.

It struck me today, that maybe the folks who trade in real estate have
started believing the current Global Warming talk. So they all that
pricey coastal land they own is going to be under water in a few years.
So, then they start trying to sell alla that expensive land. And it works
for a while, till they run out of people willing to buy that land.
According to the current theories, for example, the island of Manhattan
turns into concrete-covered "wetlands," with these tall towers sticking
out. And this is some of the priciest land in the world.

Meanwhile, they're trying to buy midwestern land, or at least non-coastal
land, that won't be under water. But they don't have the cash, because
now they can't sell all that expensive coastal land they still own. So
they try to borrow money. But everybody's trying to borrow the same money
to buy the same land, so there's no money available. So now nobody's
buying that land, either.

And now their own credit ratings go down, because the value of the land
they own has dropped due to the selling pressure, which brings the whole
economy down.

Makes a scary sort of sense, internally at least, huh?

So, the current economic troubles are all the fault of Al Gore.

Or maybe I'm wrong. ;-)

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