Loading ...Hi, I’m in Amityville, south shore L.I., born here in 1944. I think you are in Tarrytown if I remember right.
@ipsofacto,
Re real estate and high inflation?? I remember around here, houses were $40,000 in 1972 and by 1982 they were STILL $40,000. Homes were selling for LESS that the cost of building them on your lot.
The reason. 6% in 1972 to 18% Mtg in 1982. Heating oil was so high people were moving away to sun belt states. Kerosene heaters and wood burning stoves all over. NYC and LI lost population. Trump had a $300 million negative net worth. The banks had to feed him more money to avoid he goes bankrupt.
Newsday had a big multi day story Long Island at the cross roads, about how bad everything was. That was a signal. When everybody agrees how bad everything is, its gets better.
Today, 2018, when everyone agrees how great everything is, its likely going to start getting bad.