My sentiment is kind of with Rich’s… The credit collapse was swift but for people to not acknowledge that the secondary market has already loosened is denial. There still are financing vehicles out there that provide easy money. The fundamental sacrificing of traditional limits for FHA will exascerbate the problem.
My biggest miscalculation was the significant reluctance of people in power (both political and economic) to actually let this country endure what it needs to go through to become strong again. In my estimation this will only serve to prolong the current condition rather then let it run the desired and much healthier natural course.
From the housing standpoint I am satisified with the pace of depreciation of speculative areas, condominiums and lower/middle neighborhoods. I am very disappointed with the pace depreciation of the more desireable neighborhoods. My second biggest miscalculation was that even in conditions like this, many people still will buy homes in these areas. Perhaps not as many as there used to be, but way more then I thought would be.
