On May 7, 4:01 pm, milt.sh...@[EMAIL PROTECTED]
wrote:
> 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...
all correct, and well said. and interests rates are bound to go up,
even as this mess gets worse, which will mean even fewer buyers.
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