9/26    "Defying expectations, sales of previously owned homes rose in
        August to the second-highest level on record with home prices
        rising at the fastest pace in 26 years."
        Go housing go!
        http://news.yahoo.com/s/ap/20050926/ap_on_bi_ge/economy
        \_ it costs $5000 per month to own a $1 million house,
           but only $2400 per month to rent.  Do you think the
           economy will become very hot soon so people can
           increase the rent?
           http://www.nytimes.com/2005/09/25/realestate/25cov.html?pagewanted=1
           \_ $5000 per month buys you about a $700K house with nothing
              down for 30 year fixed at ~5.6%.
              \_ No it won't, you doofus, you forgot the land tax. At around
                 $1 million the land tax becomes significant. The mortgage
                 you can pay off, the land tax is forever.
                 \_ I was counting property tax, dude. The payment for the
                    mortgage alone is $4000/month.
           \_ The economy will be very hot for the owner of the
              $1 million house, when it becomes a $2 million house.
              \_ that will just make me even happier living in a $2 million
                 house for $2400 per month while the owner is paying
                 $10000 per month.  yea, some owners bought it while its
                 cheaper, but I will find the owner who just recently
                 bought and rent from him.  that will make me feel good!
           \_ It's the dawn of the age of the NEW ECONOMY!!! Aquarius!!!
              \_ Do not misunderestimate the staying power of the Age of
                 Pisces!  Us Pisceans are not done yet!  We shall sock
                 you with one last tidal wave of natural disasters,
                 financial disasters, wars, plagues, and famines, and acts
                 of mass terrorisms, and lots of WMDs!  Just watch!
                 \_ Aquarius!
                    \_ Aquarius?
                       \_ Aquar-ee-us!
           \_ My theory is that as long as house prices keep growing at
              the current clip homeowners will keep rents low because they
              are making so much money just by property appreciation.  I don't
              know what will happen if the housing market stalls/crashes.
              \_ You have a good heart, and believe people have good hearts
                 too.  But market theory says otherwise.
        \_ still waiting for our social-communist commentator lafe to say
           something about the evils of being an efficient capitalist by
           owning too much and controlling other people's lives...