Homeowners line up in the rain before dawn today outside the Palm Beach County Convention Center in West Palm Beach in hopes of saving their homes. The Neighborhood Assistance Corporation of America is making its second whirlwind stop in West Palm Beach to try and save the homes of struggling borrowers. [from The Palm Beach Post 27 Aug 2010]
Bubble Denial Persists In Vancouver
The urges that lead to bubbles appear to be an integral part of human nature. And it’s fairly easy to understand why people argue that the circumstances of a current bubble are somehow different from those past: They feel removed in space and time from those who went crazy over tulips or railroads or radio.
When the Vancouver bubble implodes, however, it is going to be very, very difficult for local real estate owners and speculators to suggest that they had no idea that such a bust was going to happen. We’ve had the experience of watching it in real time and in slo-mo, playing out to our south.
Despite this, we STILL expect people here to tell each other that “no one could have known” that such a bust could occur. They will do this to protect the fantasy of their own wisdom, in the face of all the evidence to the contrary. -vreaa