Housing Crisis Will End on June 30, 2009
So says James Cramer in New York magazine this week. Prepare to break out your wallets on that date, because housing prices, he says, will bottom and it will be “the best opportunity to buy since the 19891991 real-estate crash.” He gives 10 reasons why, including the eventually evening out of supply and demand; the…
So says James Cramer in New York magazine this week. Prepare to break out your wallets on that date, because housing prices, he says, will bottom and it will be “the best opportunity to buy since the 19891991 real-estate crash.” He gives 10 reasons why, including the eventually evening out of supply and demand; the $300 billion mortgage relief legislation, turning high-interest mortgages into more modest, 30-year versions; prices lowering so much in some areas that buyers won’t be able to resist; and the slow bottoming out of New York City. Immigration and population growth will play a part too, he says, and it looks to him like we hit bottom this summer and are starting on the slow road to recovery. Well, not that slow, apparently. Who out there agrees?
End of the Housing Market Free Fall [NY Magazine]
Photo by jkeys.
Oh please, Lechecal and others, if you don’t live here where are you going to go?? In the USA anyway. The only place I’d live other than NYC is London, Dublin or Paris. But we can’t afford it. Way too expensive compared to NYC.
How about you, Lechecal, are you going to the South or the Midwest where they think Sarah Palin is a genius?
The cultural divide is wide and getting wider and the big cities on the coasts are the ONLY places to be. A factor that will always hold up this real estate market. Smart, cultured, progressive people want to be in NYC, always have and always will.
But chicken, what about your 2% and 20%? That money becomes your money…that’s the magic of hedge funds (and why I won’t invest in them).
I agree with Cramer’s prediction. In fact, let’s all agree! If everyone agrees the housing crisis will end, then it will end! After all, mass psychology is at least half of what drives market forces. Let’s all root for some irrational exuberance!
what industry do you cover?? i did a brief stint as a sell side asian equity salesman (the dark side) years ago but otherwise always been on the buy sidde
“Indeed. They be laughin’ at ya while you’re crawlin on your knees.”
Thinking you are first when you really are TENTH?!!?!
used to be a sell-side analyst Dave, now on the buyside (uses my powers for the forces of good….)
Lechacel is correct. In places like Port St. Lucie, FL, and Stockton, CA, the banks are unloading foreclosures at 50% of their 2005 peak prices. Probably by late 2009, all the foreclosures will be off the books, and a new cycle will being.
NYC values are barely off their ridiculously high peak. The waves of layoffs in the financial industry are just starting. Values have no place to go but down. Fortunately, it will not be like the coop-glutted early 1990’s because there have been almost no coop conversions in the last 15 years.
you a stock broker or investment advisor the chicken????
Thanks Lechacal – if only it was my own money…