The main problem here is that you are not seeing the forest through the trees. In the month of March alone we have witnessed events that could be construed as somewhat cataclyzmic by historical standards. We have witnessed our government literally bailout a huge financial institution that was basically run by incompetents. We have seen a flurry (and I posted about this over and over again in the past 2 years) of polical tomfoolery that will result in 100s of billions, AT THE VERY LEAST, in taxpayer monies that will be used to back loans, bailout loans, and the FED has basically opened a window for financial institutions that are NOT BANKS. We have seen the GSE have the capital requirements loosened. We are now seeing mortgage reworks with reduced principal.
Most scary of all and not even discussed on this site, we have seen a proposal of what will be the most intrusive policy yet of empowering the FED with respect to regulation of the financial industry EVER.
Think about it, all of this has recently gone down in the past month man.
Seriously, yes all of us responsible renters who didn’t give into the housing rush, who pay our bills, who all have great credit scores can all pat ourselves on the back. Where has that gotten us? While we have been prudent, we are going to witness our government basically surrender our currency and virtually nationalize housing in an effort to keep our consumption based economy afloat.
Will housing continue to go down? Of course it will. Will we ALL be hurt by it, by the responsibility of foolish buyers compounded by the actions of our government. Yes we will…
Sorry about the rant…It just gets to me that people are not more enraged by this stuff. To sit back and keep saying, well this measure doesn’t matter, this move by the Feds will not stop things, this proposal by Schumer or Reid will not matter… jeez it is just as bad as listening to NAR spout crap as well. These things do matter. They are costly, they are bad, it is just taking a free market and manipulating it beyond belief.
