The big “news” this week is obviously the Dubai situation, although we would hesitate to call it “news,” as the Dubai bubble has been obvious for some time and Dubai’s $80 billion default is just the icing on the cake. The only real surprise (to some) is Abu Dhabi’s seeming unwillingness to bail out their smaller sister. I have sneaking suspicion this is just a game on the part of Abu Dhabi and a rather large sum will be forthcoming – with strings attached. The last bail out from Abu Dhabi came with a lot of strings that has seen the Burj Dubai still unfinished and I gather that there was a requirement or “penalty” to leave it empty for a year.
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I have said it before and I will say it again – An ongoing issue in the real estate market as far as I am concerned is the continuing efforts of certain sections of the real estate business, government and news media to “talk up the market,” presumably in an effort to get things moving again. Personally, I think this is a mistake and is actually having the opposite effect. Persuading the sheeple to buy, buy, buy, before they get priced out of the market!! is not the problem. Persuading the banks to lend, lend, lend!!! is the problem, and the banks are foreclosing, foreclosing foreclosing!!!! at the moment.
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