Bottom In Housing? Foreclosures Bottoming? Nope

B

ByLoSellHi

Just like I told everyone here when all the media imbeciles and equity anal-cysts were on CNBC and major networks shouting 'the bottom is in, the bottom is in!!!,' the second wave of foreclosures, now that the moratorium is over, has begun, it's probably going to be larger than the first, and it will continued to drag housing prices down as a national median.

I also spoke about crashing government tax revenues, as individuals saw their incomes crash, are unable to make property tax payments and as withholding taxes will be way down as more and more people become unemployed or self-employed, and as corporations see reduced revenue, profits, and thus pay less in taxes, and as more companies declare bankruptcy, totally eliminating all tax transfer payments of whatever kind to cities, states and the federal government. This is a problem that will become immensely worse.

If you're bullish, you'll hate these facts. Oh well.


•Home Prices in U.S. Fell Most on Record in First Quarter Amid Foreclosures

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7ins33ty1tw&refer=home

•U.S. Has First April Budget Deficit Since 1983 as Recession Crimps Revenue

http://www.bloomberg.com/apps/news?pid=20601087&sid=aFDYi2PU56a8&refer=home
 
Quote from BondTrader50:

Not to mention the inflation and higher taxes which will be here sooner rather than later. 7-10 yr recovery at best
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Taxes is going to be a huge issue and is vastly underestimated. Income taxes are going to be going up with out a doubt, oh wait only on those of us making 250,000 or more. Yeah right. Local taxes are the real problem everybody is screaming for more money. Schools unfunded pensions to cities and counties.
 
Quote from Mnphats:

Taxes is going to be a huge issue and is vastly underestimated. Income taxes are going to be going up with out a doubt, oh wait only on those of us making 250,000 or more. Yeah right. Local taxes are the real problem everybody is screaming for more money. Schools unfunded pensions to cities and counties.
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It's 235,000 now!
 
Quote from Scataphagos:
Yeah, everybody is anxious to call a bottom in the RE market.... likely just more wishful thinking.
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Scat, you're missing the point. If you're on record as having called the "final bottom", you can become a "hero" in the eyes of the mainstream media. :cool:
 
Quote from nazzdack:

Scat, you're missing the point. If you're on record as having called the "final bottom", you can become a "hero" in the eyes of the mainstream media. :cool:
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Yeah, I know how that works.... counting on the public's short memory to not remember all of the wrong calls.
 
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