I see prices creeping down slightly…is this the start of a big slide or something just seasonal which will shoot up again next Spring?
I see we are at a point where investors have exited the market, inventory has gone up tremendously and I am seeing price cuts since homes are simply languishing on the market untouched.
Where is the market headed from here? If interest rates creep up due to QE exit that can only depress the market further?
Is it advisable to wait a bit to see where things go?
A few forces at work here:
(1) Rates due to QE exit
(2) Mel Watt, the realtors’ stooge. He wants to loosen mortgage credit, but so far his “reforms” have been incremental.
(3) Foreclosures stayed by the Homeowners’ Bill of Rights coming online again
(4) GOP win. They might succeed in rolling up the GSEs. Of course, there’s a veto, but there’s also give-and-take.
