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Answers (4)
There are currently 4,000,000 homes for sale nationwide.
Banks are holding an estimated 5,000,000 REO / Foreclosures on top of that.
Plus, there are the countless "shadow listings", aka the owners who need or want to sell their properties, but are waiting for "the market to come back" (which will not happen in our lifetime).
Add to that, the wave of commercial foreclosures that is looming over the horizon (notice all of the failed businesses and empty buildings across America).
You have an additional number of resets on the interest rate of principal mortgages coming up.
FDIC is "watching" hundreds of banks that are in danger of failing.
And finally, whether you are for them or against them, the Democrat Congress and Obama are plummeting in the Polls, and there is no hope of them accomplishing anything meaningful.
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Have a nice day,
Fred
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Banks are holding an estimated 5,000,000 REO / Foreclosures on top of that.
Plus, there are the countless "shadow listings", aka the owners who need or want to sell their properties, but are waiting for "the market to come back" (which will not happen in our lifetime).
Add to that, the wave of commercial foreclosures that is looming over the horizon (notice all of the failed businesses and empty buildings across America).
You have an additional number of resets on the interest rate of principal mortgages coming up.
FDIC is "watching" hundreds of banks that are in danger of failing.
And finally, whether you are for them or against them, the Democrat Congress and Obama are plummeting in the Polls, and there is no hope of them accomplishing anything meaningful.
-----------------
Have a nice day,
Fred
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- sunnyview
- Contributions:25139
I think that housing drops will slow overall, but I do not think that we will see a positive trend up until economic growth begins creating new jobs (or at least rehires laid off workers). I am also unsure how much the ARM resets in early 2010 will affect the market, but if they are as significant as they sound, true market stabilization might take a while. Of course, I prefer using to tea leaves to a crystal ball. Those crystal balls are quite pretty, but shop costs are higher.
- Joseph Appello, "JerseyJoeAppello"
- Contributions:2
All we can do is try to put a positive spin on it...An agent said to me yesterday, I want the day and time. Have a great holiday weekend-Joe
- Kimberly Brandon, CRS,GRI,SFR, "KimberlyBrandon"
- Contributions:260
Joe everything cycles - sometimes government gets too involved and a down cycle gets extended i.e. 'the great depression' and now.....
But that being said it does not mean that we won't see the cycle move up again. We will. But as to exactly when this will happen - I'm sorry my crystal ball is in the shop...
Hope this helps...Kimberly
But that being said it does not mean that we won't see the cycle move up again. We will. But as to exactly when this will happen - I'm sorry my crystal ball is in the shop...
Hope this helps...Kimberly
So, what are everyones views on the economy and future impact on the housing market? Joe Appello
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