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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (49695)3/7/2006 12:54:09 PM
From: Think4YourselfRead Replies (2) of 306849
 
re: "I do think we will probably overshoot to the downside, just because that always happens."

I agree and we clearly aren't anywhere near the bottom here.

We aren't near a bottom until the news is full of passionate stories about "hard working and honest" people losing their homes to the mean old bank that tricked them into buying more home than they could afford.

We aren't near a bottom until everyone knows a RE speculator who lost everything.

We aren't near a bottom until everyone thinks housing prices will never go up and no one thinks RE is a good deal.

We aren't near a bottom until the mortgage broker next to the corner liquor store closes.

We aren't near a bottom until congress starts passionately whining that "Something MUST be done!" and Fannie Mae has received a massive government bailout.

We aren't near a bottom until all of those ARM's out there reset, and financially kill the fools that didn't get rid of them.

We are nowhere near a bottom here. We have barely passed the peak. The bottom is years away. IMHO anyone who thinks this is just a blip is a fool who will have their financial head handed to them on a paper plate. The housing market is cyclical and we just passed the top of a massive speculative peak fueled by (practically) free money.
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