A Legal Remedy for Home Buyer’s Remorse

From the New York Times by CHRISTINE HAUGHNEY. In May 2008, a few months before the financial industry’s meltdown, the shipping executive Vasilis Bacolitsas signed up to buy a $3.4 million apartment at the Brompton, a luxury condominium tower being built on the Upper East Side. The building went up as the real estate market went down, and Mr. Bacolitsas …

Grim Housing Choice: Help Today’s Owners or Future Ones

From the New York Times By DAVID STREITFELD Published: September 5, 2010 The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid. … As the economy again sputters and potential buyers flee — July housing sales sank 26 percent …

The Great Unwind and the Final Redemption

The “great unwind” is now upon us and is picking up reverse speed every day. And, the unwind is going to be deflationary. Prices and salaries will decline, jobs will become more scarce, and debt will continue to increase. When debt exceeds a certain level it becomes a cancer on society. Easy credit fuels speculation which triggers bubbles. These bubbles lead to a temporary lift in apparent wealth, which increases economic activity beyond its sustainable level. But eventually more and more debt triggers economic decline with the inevitable glut of goods produced by an overheated economy. What people are discovering too late is that their debt is not repayable. Not now, not in the future, not ever.