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Politics : Welcome to Slider's Dugout
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To: crdesign who wrote (5752)8/1/2007 9:03:45 PM
From: Broken_Clock   of 50758
 
Tim
the median national sales from around 1980 till 2002 averaged about 4,000,000 homes per year. The bubble ran that # up to over 6,00,000 the past few years. Just the first 6 months of 2007 we have over 900,000 foreclosures nationwide. the rate is accelerating. Consider that for the next 3 years we will likely see 6,000,000 foreclosures added to

1 A declining total sales #
2 Already record nationwide inventory
3 Elimination of loosey goosey lending
4 Loss of millions of potential homeowners as their credit is destroyed in this downcycle

I wouldn't look hard at "deals" until the dust settles. 4 years at least. fed will have to do an emergency rate cut to get mortgages down to 3 or 4 % and go with fixed rate 40-50 loans to "save" the real estate owners.
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