Ben, Baby Take a Bow!
Let's All Give A Nod of Respect for Ben Jones, Father of the best Bubble Blog on the Blogosphere: The Housing Bubble Blog
Newsweek's Kathy Jones, sat down for a little Q&A with Ben....
"The fall of 2004 was no time for real-estate pessimists. In red-hot markets like California, prices in some communities spiked 50 percent higher than the previous year; multiple-bid offers were common on homes and cries of "they're not making any more land," fueled a property-buying frenzy."
"But something about the mania just didn't sit right with Ben Jones. The Texas native learned a hard lesson in the 1980s, when the savings and loan scandal hit and real estate slumped just as he was preparing for a career in the property market. "I jumped in at the worst possible time," the 42-year-old recalled from his home in Sedona, Arizona."
"That experience, coupled with a background in corporate accounting, made him wary of highflying markets, so when he saw housing appreciations rocket up and mortgage-lending restrictions sink low, Jones decided that this was a housing bubble, and he was going to warn his friends. ..."
Read the Rest....