What's an investment bubble without a housing bubble to go along with it? Glenn Kelman of realtor service Redfin.com says houses are selling within hours, "everyone has money," and the market is "madness." This has never gone wrong.
From the grin on his face during a recent Bloomberg TV interview, you might think he Kelman is excited about the longterm implications of people buying and selling expensive homes (in cash) with little rational consideration. Since a batshit real estate market has never slid toward danger before. But he's thrilled. Other choice observations:
"It seems like the madness is not going to stop."
"During the last [housing] boom 48 hours was a fast sale, now four hours is a fast sale."
A house is a "major purchase, it should be one that you think about for at least a weekend."
At least a weekend.
"Now it feels like everybody and his uncle has that kind of money."
"In certain neighborhoods, it's almost all [cash]."
When asked if he's worried about a freight train real estate market run by people spending only hours before their enormous investments, Kelman shrugs it off and says he'll just have to work harder, as long as the share prices of today's tech sluggers stay high. Big if. [Bloomberg TV]