ARMs Reset & Credit Crunch will have a serious affect on April Home Sales that report in May. Then, the dominoes really begin to fall. I expect inventory ballooning by the time summer officially arrives. Sellers will begin slashing prices, MSM stokes the flames and FORECLOSURE becomes the hot topic of summer parties.
Unfortunately, many sellers refuse to accept reality because of speculation or their retirement hopes evaporating. Those days are OVER. Our economy has been artificially inflated due to asset bubbles since 1996. Housing, Stocks, Housing, Stocks. We now have Housing Credit Cards (MEWs & HELOCS) and you can RENT a house from a Used House Salesmen for NO MONEY DOWN, NO ASSETS and NO JOB. Please….
I suppose every 9 years or so, they’re more suckers to be had. Unfortunately, guess who eventually picks up the tab? That’s right. This time around, people may not forget as easily, because it will be MEMORABLE.
