Market Watch- The housing-market recession is NOT over
Posted: November 22, 2010 Filed under: TeamHolly-would.com 3 Comments »Did anyone see Amy Hoak’s Home Economics? The housing-market recession is not over! Why you shouldn’t be overly optimistic about real estate right now.
In presentation to the National Association of Real Estate Editor’s in Austin, Texas, Stan Humpries, Zillow.com’s chief economist, pointed to four myths he said consumers are latching on to as they try to make sense of recent housing statistics.
1. The housing recession is over. It’s not. He estimates the bottom in home prices won’t come until the third quarter.
2. After market hits bottom, prices will rebound to boom levels. Not going to happen, at least for a while, the bottom is going to be a long and flat affair across the markets, according to Humpries.
3. The worst of the foreclosure is behind us. More wishful thinking, according to Humpries. He estimates foreclosures will peak later this year, then remain elevated for a while.
4. The tax credits saved the housing market. With or without a tax credit, those who bought would have done so anyway, Humpries said. ”The biggest impact (in home sales) we believe were low prices…low interest rates and the unsung factor here is the ramped up lending by the Federal Housing Administration.”
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I am a victim of predator lending and that the banks, and certain Bank Appraisers need to answer to this mess “They” made out here. The banks then get bailed out and the aftermath is poor idiots like me are left out here to rot. I guess you hit a chord here I can say so, but it will only go on deaf ears. Glad to see you are hanging in there, this real estate environment worst I have ever seen in my life time. Only the very wealthy will prosper from the carnage out there.
I am a victim of predator lending and that the banks, and certain Bank Appraisers need to answer to this mess “They” made out here. The banks then get bailed out and the aftermath is poor idiots like me are left out here to rot. I guess you hit a chord here I can say, but it will only go on deaf ears. Glad to see you are hanging in there, this real estate environment worst I have ever seen in my life time. Only the very wealthy will prosper from the carnage.
Mike
NO KIDDING only the media writes what they want, they do not present the facts unfortunately.