Just a word of acknowledgement to all those guys who stuck to their guns in the face of that unbelieveable price action we had over the last few years. Well done lads! Hope you did well enough during this spell, or prepared well enough that you won't be negatively affected. Personally I didn't have the same resolve, after numerous skeptical barrages from family and friends I went from being openly bearish on UK property to just staring into the middle distance and repeating deadpan like a zombie "I'm not saying it will go down, I'm just saying you never know." At least I didn't buy anything.
Interesting post, however I query the use of the term 'permabears'. How about 'people who saw the imbalances for what they are before the majority became aware'. When this mess finally settles in years down the track, it's possible that some of the people who called this mess will turn bullish, and it's possible that the mainstream media will be bearish at that time.
Property ladder, and the retards I saw qualifying for loans that were serviced by brokers with only a highschool degree clinched it for me. How could no one see this???