Bearish housing predictions
Predictions from Trulia CEO Pete Flint:Next year "government interventions will start to disappear, shadow inventory will hit the market and mortgage rates will start to rise" to around 6 percent from under 5 percent, he said. "We're in a false state of stability."
Shadow inventory includes houses that banks now hold but have yet to put up for sale.
Double-digit unemployment will push more owners into foreclosure, further destabilizing the housing market and pressing prices down another 5 to 10 percent, said Flint.
Predictions from RealtyTrac:Foreclosures could escalate to 4 million in 2010, RealtyTrac Senior Vice president Rick Sharga said.
"Unemployment, negative equity are driving factors, as is credit availability," he said. "We don't believe we will get back to normal levels of foreclosure activity on a month-to-month basis until probably the end of 2012, and we will still be going through the shadow inventory well into 2013."
Banks will place the unsold homes on the market at a measured pace to thwart prices on all homes from falling off a cliff anew, he said.
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"pressing prices down another 5 to 10 percent"
ReplyDeleteWow what an optimist!!! Either that or I guess he doesnt want to say something realistic as all the spinners in the mainstream media would try to make him out to be a laughingstock.
Increasing rates, increasing stock, increasing time on the market, less jobs dont mean its over or nearly over. 5% decline means its pretty much over....and this aint it.
More foreclosures please! I like many choices when I am ready to buy. So please flood the market with as many houses as possible.
ReplyDeleteMy sentiments are reflected by the Anonymous post at 9:29 AM. Bring it on.
ReplyDeleteDidn't these guys get the memo that high unemployment means lower rates which means more home buying by jobless folks?
ReplyDeleteBut but but but....CS and Partisan say things won't go down anymore....
ReplyDeleteI'm so confused.
Banks tend to collude whether they want to or not.When one of the big ones (Citibank, Wells Fargo)start to dump their inventory, everyone else will start to dump what they've got en masse.
ReplyDeleteHehe
I will be ready.
"Noz said...
ReplyDeleteBut but but but....CS and Partisan say things won't go down anymore...."
Yep - as the quote said, "Banks will place the unsold homes on the market at a measured pace to thwart prices on all homes from falling off a cliff."
CS bottoms at 160. Book it!
"Noz said...
ReplyDeleteBut but but but....CS and Partisan say things won't go down anymore...."
Stupid Case Shiller - buncha realtard whores - (except when its going down when I love Case Shiller)...
Yep - as the quote said, "Banks will place the unsold homes on the market at a measured pace to thwart prices on all homes from falling off a cliff."
ReplyDeleteCS bottoms at 160. Book it!
Yeah book it...
http://bubblemeter.blogspot.com/2009/12/home-prices-falling-again.html
You go boy..you got it all figured out.