NEW YORK - Century 21 Real Estate's CEO Thomas Kunz may have unintentionally hit the nail on the head when he declared that a "pity party" is gripping the housing industry right now.
Many recent home buyers are expressing shock that their properties may be worth a lot less than when they bought them. CEOs like Countrywide Financial Corp.'s Angelo Mozilo are claiming that "nobody saw" the deterioration of real estate values coming, and are pointing fingers at others for causing this mess. And Wall Street seems to only now be waking up to the implications of mortgage securities imploding.
They all need an education in how markets work. In a perfect world, everyone keeps …
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