Yea, it’s different this time..here is how..the drop in median price we have seen to date has very little to do with unemployment thus far….but you wait till that effect comes through the pipeline here in the next 6 to 9 months……
no job + no income = no loan mod = more foreclosures
Yea…It’s different this time…it’s going to be a hell of a lot worse and longer….
But I know it’s a great time to buy because prices are down 35%.
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I am really surprised not many have commented (1 or 2) on this quote from macromaniac. prices will still come down dramatically because of the unemployment increasing fairly significantly. With so many people underwater, this will really make it impossible to continue to pay the mortgage.
