A sense the housing market has bottomed.

Not even close to a bottom.

I know people living in homes that haven't made a payment for 8-13 months, and, not a single notice from the servicer/lender. No notice of default has been filed... we aren't close.

There is a huge inventory of foreclosed homes all over my area that lenders haven't been able to process. Or, they don't want to process!

Plenty of floaters still in the bowl
 
Quote from S2007S:

The bottom which many thought took place in 2006 then again in 2007 and 2008 wont take place for many more years, this bubble is still bursting, still has a long way to go, foreclosures have yet to peak and more ARMS are resetting this year and 2009. Expect 5 million foreclosures by the end of 2008. I think the housing industry is going to have years of inventory rather than months. Housing prices still haven't found a bottom, I think 25-30% drop in housing prices over the next 2-3 years is possible.
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Yep, all true. We are already at 11.1 months of inventory NATIONALLY. And as you say, this number is going up before coming down for sure. Its going to take an overshot to the downside on prices to clean up this inventory mess. Then sideways until the consumer gets his ridiculous debt levels in check.
 
there is obviously a big problem with the way we do loans and this will be revamped shortly and all this will get better,they will figure out something
 
Quote from S2007S:

Had to post this quote, makes me laugh...

a sense......WTF




"There's a sense that the housing market has bottomed," said Jay Suskind, head trader at Ryan Beck & Co.
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I had to laugh again...


:p :p :p :p :p
 
Quote from ammo:

there is obviously a big problem with the way we do loans and this will be revamped shortly and all this will get better,they will figure out something
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It is getting revamped. Don't worry the US economy is fundamentally strong. They know what they are doing. The political "leadership" are smart, honest, hard working people that are in your corner - always. You can count on them to fix all your worries...

Now, where was that glass of Xanax...
:D
 
Quote from marketsurfer:

he is correct.

regards,

surf
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God i love this quote:D :D :D
although...he did go out on a limb so i should do the same....30% more on the down side should be about right....buzzards be ready!!
 
I say at least 50% more is needed before housing becomes affordable again.

Quote from TM_Direct:

God i love this quote:D :D :D
although...he did go out on a limb so i should do the same....30% more on the down side should be about right....buzzards be ready!!
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