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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 363.00

-0.4%

Oct 29 4:00 PM EDT

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To: TobagoJack who wrote (50457)	5/25/2009 8:40:44 PM
From: prosperous	2 Recommendations Read Replies (4) of 217455

Just took a stroll on long weekend to get a pulse for housing market in the area looked at bunch of houses for sale at few places, observations: -there is huge denial in place, people are either hanging on waiting for upturn that they are being told is around the corner, renting, or still trying to sell at prices 3 years back as if nothing has changed -Centex is building new houses as if nothing has changed again at prices ... -they are pimping away with the $8000 govt credit to unsuspecting folks and pushing them to close fast -on the bright side the interest rates are low It was not clear they were selling many houses but the incentive/motivation for price reduction seemed absent either because 8-9% unemployment rate is not such a big disaster, or sellers expect buyer's stupidity to come back, or the govt interventions to bring the prices back up. The current generation of flippers have a lesson ahead, for genuine buyers the remorse could be genuine in next few years. I could not sense any desperation or sense that we may be close to anywhere near bottom, could be area specific but it seemed like the real estate problem has not begun yet. The media is doing disservice by calling all sorts of bottoms that people want to and do believe in and act on it while the taxpayers have not completely yet paid for Ben's tuition for the course titled "why Keynsian philosophy will not work in a debt induced deflationary system", Ben is steadfastly trying to teach the teacher here (history) instead of learning from him and the whole class is with him, but since he is not paying for the course, what the heck :-). The teacher gives the grade in the end though.

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