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JULY 21, 2009
Analyst: Housing still has room to sink
We're fooling ourselves if we think housing has bottomed. So says this Californian who assumes foreclosures are about to hang a lead-plated albatross around the housing market's skinny neck. A snippet:
There are four items in place that are tricking people into calling a bottom, when in fact three of these items are temporary. The result is an artificial restriction of supply and artificial pumping of demand.
1) It’s the seasonally strongest buying season
2) There’s a foreclosure moratorium about to end
3) Federal tax credits offered for 1st time home buyers
4) Historically low mortgage rates (this may or may not change soon)
1) It’s the seasonally strongest buying season
2) There’s a foreclosure moratorium about to end
3) Federal tax credits offered for 1st time home buyers
4) Historically low mortgage rates (this may or may not change soon)
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