Until there is a change in the conditions, I do not see much of an abatement.
We need an influx of inventory OR
We need more unemployment OR
We need to see long term mortgage rates move.
I am HOPING we see the inventory movement with the return of more foreclosures hitting the market. However I am very disappointed with the moves by state and federal governments to counter and/or delay foreclosures. Similar statement with regards to loan mods.
As for unemployment I have read on this site that once we hit 7% then things will crash. Then 8%… then 9%… 10%… so I am pretty skeptical now that unemployment will push the cart over. I am pinning my hopes more on inventory then anything else.
As for rates… no chance of rates running away from us in the short term. You gotta pray for china to cut us off… I don’t see that happening for a few years.
