Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.
Good thing our govt is watching our for us.
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UCG I meant that it bodes well for buyers. Especially those who have been frustrated the past year. To be clear, as the active/pending ratios grow that will increase supply for buyers and hopefully wear down sellers who are thinking it is 2004 again.
As for the auctions we are seeing alot of signs of froth. Lots of overbidding, much more limited supply actually making it to the block due to loan mods. This has led us to be much much more selective. Our purchase rate as dropped substantially due to the change in the supply, and moreover the active/pending ratios rolling over in the neighborhoods that we would purchase in. So it will not surprise me to see some speculators get squeezed in the next few months as well.
