Do you think this might have something to do with the expiration of the tax credit? Even though it was only $8,000, if you only need 5% down, it means you can add an extra $160,000 to what you could have afforded without it. Plus, the U.S. appears to have slowed down the printing press. I think we’re headed for a double-dip and I agree with your assessment on prices.

Do you think this might have something to do with the expiration of the tax credit? Even though it was only $8,000, if you only need 5% down, it means you can add an extra $160,000 to what you could have afforded without it. Plus, the U.S. appears to have slowed down the printing press. I think we’re headed for a double-dip and I agree with your assessment on prices.

I agree. I think the economy is entering the downward slope of the “W” recovery and that the banks have been sitting on some inventory for a long time. I have also seen what appears to be some investments by banks in properties to get them sold. By investments, I mean improvements to the kitchen, interior painting and flooring. Maybe it is because it is summer and they want to unload some of the properties to get them off their books. I am not sure how much long term effect the 8K had because in some cases, the sellers increased the price and after the expiration reduced it.

I agree. I think the economy is entering the downward slope of the “W” recovery and that the banks have been sitting on some inventory for a long time. I have also seen what appears to be some investments by banks in properties to get them sold. By investments, I mean improvements to the kitchen, interior painting and flooring. Maybe it is because it is summer and they want to unload some of the properties to get them off their books. I am not sure how much long term effect the 8K had because in some cases, the sellers increased the price and after the expiration reduced it.

I agree. I think the economy is entering the downward slope of the “W” recovery and that the banks have been sitting on some inventory for a long time. I have also seen what appears to be some investments by banks in properties to get them sold. By investments, I mean improvements to the kitchen, interior painting and flooring. Maybe it is because it is summer and they want to unload some of the properties to get them off their books. I am not sure how much long term effect the 8K had because in some cases, the sellers increased the price and after the expiration reduced it.

Have another beer and make that gut bigger because it aint changing dramatically. The banks are making a killing borrowing free money and lending it out for 5 to 6%. They are gradually fixing their balance sheets, keeping their collateral from cratering in value and managing the flow of foreclosed properties so as to maximize their collective positions. The game isnt fair and never was, nor was it ever designed to be. Expect more of the same.

Not to say prices cant revisit some of the lows of last year and go down a little from there but wholesale destruction just isnt in the cards. Sorry if that is what you were a banking on……….

Have another beer and make that gut bigger because it aint changing dramatically. The banks are making a killing borrowing free money and lending it out for 5 to 6%. They are gradually fixing their balance sheets, keeping their collateral from cratering in value and managing the flow of foreclosed properties so as to maximize their collective positions. The game isnt fair and never was, nor was it ever designed to be. Expect more of the same.

Not to say prices cant revisit some of the lows of last year and go down a little from there but wholesale destruction just isnt in the cards. Sorry if that is what you were a banking on……….