Long Pond Topics: Hey MotorMan

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	Name:	MotorMan -
	Subject:	Hey MotorMan
	Date:	4/6/2007 11:38:49 AM

I said
"House prices always go down, for a while, when interest rates go up. The time to buy is when they are low."

I will ammend this by saying when oil prices shot up in 1973, interest rates doubled almost overnight and the biggest WI builder, Nanz went belly up from over extention.

Right then was the time to buy for a year or so. Ron could have afforded twenty lots if he took out a loan. He played it safe and bought one lot. A school went up nearby and as early as 1978 the few vacant lots near the school were going for $18,000. A potential profit of $300,000 or 1.2 million in real dollars. The DOW was around 1000 then too. 12,000 now.