[quote=HLS][quote=spdrun]This may sound really mean, but more short sales on the market would suit me. Frankly, this is looking a lot like what happened after the 2009-10 housing tax credit expired.[/quote]
It’s not mean at all! There are still many people living in houses that they really cannot afford, lulled into believing that they have some sort of right to live an entire lifestyle way beyond their means. It’s what the govt wants (and needs)
This is a sickness of several generations and is a huge pyramid scheme created by the ‘govt’ to support an artificial economy that is based on debt, (which is just another word for living beyond one’s means)
The govt is going to continue to control the ebb & flow.
I said it years ago and I will say it again.
Foreclosures are not the problem, they are the solution. The govt doesn’t want a solution though. It would destroy the economy.
***
The rise is interest rates has made a HUGE difference in the last 30 days. It is human nature for virtually everybody to hesitate when something has gone up in price 35% in a short period and unless you really need it, most assume that it will come back down or at least go on sale, and are going to wait.
I know of 1 fairly decent sized north county zip code that only has (2) 4bd/3ba 2250 sq ft+ houses for sale in the $400K-$500K price range.
This doesn’t mean they are cheap, it doesn’t mean they are worth more, it doesn’t mean the market is hot but many people will make assumptions and other nonsense based on simple facts that there are only 2 houses for sale.[/quote]
I’ve always thought the moment prices start to take off, a bunch of underwater homeowners would jump out of the woodwork and start listing homes at their wishing price, bumping up the inventory and slow down the market. Most will not get their wishing price and those homes will be pulled. inventory then goes back down and price goes up once again. These guys will then test the water again. Repeat cycle x X. Therefore, the road back to the top is going to be rather bumpy.
