HLS: I remember you saying that several times…………………..and you were right on the money. JWM has also been a consistent voice that is often criticized when he tells people the news that they don’t want to hear. Too many people want to stick their head in the sand and pretend that whomever tells them the bad news is full of it when they hear the truth about housing & mortgage rates so they dismiss the messenger as a kook or the boy who cried wolf.
I never thought that raising the limits would make much of a difference because the fundamental problem of qualifying, down payments and affordability were going to continue to be too large an obstacle at the present, CA prices. I don’t believe that the government will be able to do anything that is going to make any appreciable difference to halt the ongoing and future price corrections that will eat away at housing prices in the bubble markets for at least 3-4 more years. (at a minimum)
