A few years ago, I predicted that mortgage rates had fallen about as low as they could go - at the time, they were slightly below where we find them today - about 6.00% 30 year fixed.
I didn't realize at the time that the dedicated Ayn Rand supporter Alan Greenspan would push interest rates down further and keep them there for several years - creating an environment we now call the "real estate bubble."
So, I was right that interest rates in 1998 were about as low as they could go - naturally. It was an artificial push to move them lower. Still, I was wrong that "now is the time to buy or refinance, as rates won't go any lower."
Last I checked, 4% is lower than 6%. I blew that one.
However, a few weeks ago, I suggested that the end of consumer or non-owner occupied loans for high rise condos would put an end to the projects that had not yet come out of the ground.
I shared that opinion with a few Realtors and other friends, and they all nodded and rather gave me that "you're thinking too much again" look.
This morning, on the front page of the Houston Chronicle, we have validation de-lux.
When will all of the anti-Ashby high rise signs come down?
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