Nausea – Kunstler

I went around some neighboring towns here in upstate New York to look at the real estate yesterday. I was impressed by how uniformly crummy everything was… In the old houses priced above $300-K, the rotting sills and delaminating surfaces are plain to see. Of course, the buildings are worth something, but my guess is less than a third of the asking price by any realistic valuation. But at least these things were made of materials generally found in nature. The new houses were all glue and vinyl, and of course they were mostly built in places dissociated from any town itself, meaning the hapless owners will have to own multiple cars to live there and make multiple trips per day

The story will be the same all over the nation. The owners of these things will get into terrible personal financial trouble. The property market will re-value the buildings, discounting all the previous wishful thinking about price. And the financial markets will stagger and collapse as the process thunders through the mendacious operations that all this wishful thinking spawned.

Atlantic Free Press