While I was perhaps the only reporter in the Los Angeles market who reported on the imminent decline in the housing market, this is one of a few times I could say I wished I had been wrong.
When everyone else was reporting about the “great housing market,” I did a story that was the exact opposite.. that the housing market was a disaster waiting to happen – and in the end, it ended up being the biggest ponzi scheme out there.
This story was in 2005, when everyone was buying houses they couldn’t afford even before they saw the inside. I remember going to an open house in Glendale, California, a city next to Burbank, and seeing what could only be described as a pit. It had window units that were noisy and didn’t really work, filthy pink carpet and a dried out pool in the back. And, it was $720,000 dollars. I remember thinking how wrong it was to have to fork out three quarters of a million dollars for a fixer-upper in a so-so neighborhood. Ugh.
Now, there is a glut of houses on the market, at we all know. I just hope we’re able to get out of the gold market before we hit $1500 an ounce!