Housing Slump Almost Over
Okay, maybe not almost, but the Wall Street Journal writes that at least the “end is in sight.” Home prices, said economists at the National Association of Home Builders’ latest conference, could hit bottom by the middle of next year. “Many of the economists seemed optimistic that the government’s bailout plan, which includes buying toxic…
Okay, maybe not almost, but the Wall Street Journal writes that at least the “end is in sight.” Home prices, said economists at the National Association of Home Builders’ latest conference, could hit bottom by the middle of next year. “Many of the economists seemed optimistic that the government’s bailout plan, which includes buying toxic mortgage debt, will lead to housing’s recovery. More affordable prices, pent-up demand, incentives on new homes, fewer housing starts and expected declines in interest rates for fixed-rate mortgages also should help ease the crisis.” The bounce back might be independent of a stock market recovery, since unemployment is up, housing prices could fall as much as 10 percent more, and 12 million people owe more on their homes than the homes are worth. And, for a while, supply will outweigh demand. What lessons should we learn from this mess? Among other things, “Just because someone is offering to loan you money doesn’t mean you should take it.”
End Is in Sight for Housing Slump [WSJ]
Photo by trance.field.
I’m with the guy with the ringing in his ear. These ‘experts’ aren’t really worth the education they paid or owe loans for. Basically, it’s going to take a revaluation of our currency to fix things.
The US will soon not be able to pay its loans to foreign governments. When the Treasury finally throws in the towel, foreigners will dump their bonds en-mass. This is supposed to happen by summer of next year.
So we’re talking at the very least a 10 year depression and anyone fortunate to have a job will not be able to get loans from the one remaining bank in the land, LOL ..
As for Manhattan, the moldy oldy blue blooded aristocrats that have the old money will be the only ones left standing. An implosion of massive proportions will see them buy everything up for pennies on the Amero 🙂
Schultz, I’m so sorry. Didn’t think it could get much worse than what we had.
Snark, you nailed it. And how sadly true.
Sam, I’m drooping with laughter. Re article, does anyone believe interest rates are going to go DOWN? This contradicts everything I have heard. But would change everything.
There is an offer.
This one won’t last!
Oh, and don’t forget: 360 views.
Mroe suggestions for the listing:
Bring your insurance adjuster and hydraulic engineer.
Gardeners’ dream, large, prairie-style organic wildflower garden.
Old world charm.
New York,
You ain’t seen nothing yet.
Is it landmarked?