From her CNBC blog:As I've always said, some people can be helped, and the government can throw a lot of money at the problem, but in the end this will have to be a painful correction where many borrowers lose their homes, many more lose home equity and prices bottom when they simply become too attractive for new buyers to stay away.
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"when they simply become too attractive for new buyers to stay away."
ReplyDeleteWhich is 50% off current prices (at least in the DC area). Its going to be a while folks, as long as the powers that be wont let things correct on their own.
Please check this article about how far prices have to drop.
ReplyDeletehttp://www.oftwominds.com/blogfeb09/capital-trapRE02-09.html?ref=patrick.net