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I was there at the earlier stages of the decline (about 3-4 years in). No one thought the market was going to do what it did, and everyone was still pretty optimistic. At the time Japan was much stronger economically, and still looked poised to be a much more influential player in the world economy, which is why I went to school there. I hate to say it, but I didn't fall in love with the culture because it was very repressive to women (at that time) so I didn't stick with any earlier intentions to try to work or live there. Truly, the housing market was not a big issue at the time. If I had gone there maybe 2 or 3 years later, I bet I would have seen a very different environment.
How so?
Just sit down, have a nice glass of iced tea, and relax.
I think the debate is overheated. It can use some cooling. :)
QT, you are so brave. Japan can be quite intimidating for foreigners, especially females.
Please tell me the food was good.
Methinks you should direct your cooling enthusiasms elsewhere.
Let's all have iced tea.
On the good side (if there is one), property taxes are 100 per cent tax deductable (at least in California) just like mortgage interest.
One important difference: property tax is not deductible under AMT, which is hitting more and more people every year.
(Not tax advice)
Jack, in "Threaded Discussion" or before, I was just "P". I changed my name to avoid confusion. :)
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How will the housing bubble bust unfold? Will it be triggered by rising short-term interest rate? Will the market fall on its own weight? How will one event led to another? What are the signs? How will people react?
The answers to these questions would allow us to closely monitor the progress of the coming crash.
#housing