Word: one
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Dates: during 1980-1989
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...one sense this is good. (And of course it's very good if you don't yet own a house.) In the U.S., we need to invest relatively less on expanding our living space and more on retooling our factories. We need fewer real estate agents and more teachers, fewer mortgage brokers and more engineers. So if people get the notion they'll make more money investing in stocks and bonds than in homes -- good! To succeed long-term, we need to save a little more and consume a little less...
...bull market in homes really is over, that's not all bad -- unless it gets out of hand. It's one thing to have prices trail inflation for a number of years, quite another to allow a stock-market-style 40% crash in prices. That would leave the banks owning an awful lot of houses and the Government owning an awful lot of banks, which is why the Government is unlikely...
...minimum of $65,000 was recently offered for sale by HUD for $50,000 (mistake No. 1). I bid $58,100, but lost it to a bid of $54,000 because the Government decided to accept the lower offer even before the bids were opened (mistake No. 2). One bumbled sale a real estate depression does not make. But if it's happening in my neighborhood, you have to wonder whether it won't be happening in others as well...
...prices come down and people feel poorer, consumer spending could slow a bit. Other factors may keep the economy humming, but one thing that's bound to slow is the turnover of houses. People are stubborn when it comes to selling their homes at less than they were counting on, let alone at a loss; and, especially after allowing for selling expenses, the equity available from the sale of one's first house may now be less, not more, than what's needed to trade up to a new one...
...keep seeing athletes do what they once did best. In golf, the senior circuit earns more money than the entire women's tour. Former tennis aces draw big crowds in their own slots at the major tournaments. Boxing, aside from Mike Tyson's bum-of-the-month festival, is one big Over the Hill Gang. Last week's waltz between Sugar Ray Leonard, 33, and Roberto Duran, 38, was the top-grossing fight in history. Next month George Foreman, now bigger than Mount Rushmore and twice as old, will face perennial white heavyweight Gerry Cooney. Someone will get hurt -- probably...