I remember working in Phoenix in 2006, just prior to the Global Financial Crisis and Housing Crash. One fellow attorney was renting an apartment above somebody’s garage. He was rebuilding his finances after losing everything in the 2000 Dotcom Bubble. Another attorney sniffed out the bubble we were in at that moment–the housing bubble. Phoenix, of course, was an epicenter of that particular bubble. Like everyone else, she had experienced preternatural appreciation in her Phoenix area home’s perceived value. Unlike everyone else, she acknowledged the anomaly for what it was and sold near the top. I distinctly remember her saying, “I can’t afford NOT to sell at these prices.” The housing market shortly thereafter collapsed and took over a decade to recover.
Fast forward to our current times. Inventories in Phoenix and the Southwest are stacking up, folks. Enjoy the video!
With Love,
P. Gustav Mueller, author of The Present