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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: jimmg who wrote (71323)2/3/2007 11:42:04 AM
From: orkriousRead Replies (2) of 306849
 
This is what people all over the country are thinking and is the reason why housing is stabilizing.

I don't think prices have come down that much in most parts of the country.

You're right there are people who have been renting, wishing they "owned" property, who are going to buy.

But many, many people who want to move but can't sell their house for what they owe the bank plus pay a RE commission can't do so.

There are also many, many people who have to sell because their ARM is resetting and they can't pay the higher rate. They owe too much on the house and the bank is going to end up with the property.

I'm in a unique situation where I own my condo free and clear and it's a small part of my net worth. I don't care what I sell it for. I'll dump it for what I can get. There aren't many Americans in my position.

As employment growth slows because the bursting of the housing bubble reverberates through the economy, it's going to compound the problem. Remember, housing employment is just now going over the cliff. Houses started a year ago when the bubble was in full swing are just now being completed. All of these contractors are going to be laid off. Take a look at the shrinking backlogs of the homies and take a look at this article.

contraryinvestor.com

There's no question the homies have been rallying because people think things are stabilizing. Wait and see what happens when sellers swamp buyers in the spring.
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