On May 7, 2:15 pm, Vide...@[EMAIL PROTECTED]
wrote:
> is housing near its bottom?
Not even close.
There are a few things that will keep it from hitting bottom for a
while.
1. There are still plenty of these scam mortgages out there that
haven't gotten through the interest-only phase, so there are a lot of
foreclosures coming. It's just not possible for the price to hit
bottom when the number of foreclosures stays high.
2. As prices go down, there are a ****load of mortgages that are
seriously upside-down right now, meaning that banks suddenly have a
huge inventory of unsecured credit right now. Add in the now-unsecured
home equity loans outstanding, and the fact is, there simply won't be
a lot of cash available to lend for a while, even to qualified buyers.
3. With credit very, very tight right now, there will be a glut of
available homes, with few available buyers for quite some time.
As much as the wingnuts wish it so, this will probably end up making
the S&L mess look like a walk in the park.
BTW, on top of everything else, the idiots at the Bush federal reserve
are selling off gold in record amounts, just to stabilize the price.
Seriously, we have to get these tools the hell out of there...
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