Well said Bugs… Don’t believe the industry is not going to go down without a fight. Once things start touching Fannie and Freddie I honestly do not see the government sitting on the sidelines and watching. What better way to enter the political season then to help those poor souls who lost their homes then to come up with a program to help them out? Sorry but I am just so pissed at our government considering a bailout for them…
More to the point, we need to see all of this inventory to hit the market before we can make any headway downward. Many sellers and even REO properties are still stubborn with pricing. Personally I am still seeing certain markets performing pretty darn well. Of course the one I want to buy in is still white hot… however many many others are not. Again condos are getting hit harder then homes, lower income neighborhoods are also depreciating faster then mid/higher ones and neighborhoods with good schools. Also buyers are looking for more value, less MR and HOA, etc…My guess is that once we move into the dog days of summer we could see a repeat of the summer of 06. We need inventory to move up… Geez we are 2 weeks away from April and definitely off of the 06 inventory levels. Spring is going by quick.
The thing this year is, although we may not come close to approaching the 06 levels, the sellers will now have a higher percentage of banks and lenders then the 06 inventory did.
