Now NAHB is warning its members to hold on tight. How much bad news do people need to hear? Seems like everyday another part of the Real Estate Industry has no choice, but to deal with terrible numbers coming in. The reason May might be especially bad is, the first of the 2/28 ARMs that were given in 2005 are beginning to reset. Sticker Shock Horror stories will find there way into the MSM, therby scaring the hell out of others, who could also be @#$%&*! Also, nobody seems to detect a bottom in housing anymore and the reality of a decline is sinking in. HOMES ARE LOSING VALUE. Why would anyone buy now?
I believe this,will accelerate the downside of the current real estate cycle, likely at a much quicker rate, than the upside. People didn’t HAVE to buy on the upside, but they may HAVE to sell on the downside.
I can just imagine how much the MSM is licking its chops, right about now. T the earliest, buyers should wait until “Late Summer of 2008”, before jumping back in.
