Friday, April 09, 2010

More of Meredith Whitney on housing


  1. I'm a believer and Ms. Whitney is right. We still have a long way to go. Because we now run on a 24/7 news cycle, the media report every housing blip -- positive or negative -- instead of sitting back and trying to see patterns and trends.

  2. What struck me was the end about how banking is going to change and that the underbanked/unbanked are going to be affected and how it is going to be even more expensive to be poor.

  3. There was a story in the WSJ today about foreclosures hitting the rich and famous:

    They are talking about homes worth 5M$ or more:

    In February alone, 352 homes nationwide in this category were scheduled for foreclosure auction, the final step before a bank acquisition. That is the largest monthly number of these so-called notices of sale since the financial crisis began. By comparison, in all of 2009, there were 1,312 such notices.

    What this means to us mere mortals is far from clear however. Other than the fact that there will be downward pressure on prices that will eventually filter down.