Burns, the economist, believes that the housing market overall is headed back toward 2002 price levels, on grounds that the gains seen over the last year or so will be reversed as a new flood of foreclosures and short sales hit the market.
That would mean a small retreat for the general market, in which prices are now at 2003 levels. It would be a more dramatic downturn at the high end, where prices are about where they were in 2005. He predicted they won’t hit bottom till 2012.
Real estate agents say one reason the high-end market has taken longer to reach bottom can be summed up in one three-letter word: ego. Wealthy sellers may not need the money and refuse to reduce their price for fear they’ll look like they are in financial trouble, said Bob Hurwitz of Hurwitz James Co. in Beverly Hills.
No crap, if you pay attention to the ARM reset charts it has been obvious for a few years now that there is no chance for a real housing bottom until at least 2012. The bulk of the ARM resets occur in 2011 and 2012. So regardless of interest rates and other factors, there is no chance for a real recovery to begin until those ARMs (aka foreclosures) are out of the system.
No crap, if you pay attention to the ARM reset charts it has been obvious for a few years now that there is no chance for a real housing bottom until at least 2012. The bulk of the ARM resets occur in 2011 and 2012. So regardless of interest rates and other factors, there is no chance for a real recovery to begin until those ARMs (aka foreclosures) are out of the system.
No crap, if you pay attention to the ARM reset charts it has been obvious for a few years now that there is no chance for a real housing bottom until at least 2012. The bulk of the ARM resets occur in 2011 and 2012. So regardless of interest rates and other factors, there is no chance for a real recovery to begin until those ARMs (aka foreclosures) are out of the system.
No crap, if you pay attention to the ARM reset charts it has been obvious for a few years now that there is no chance for a real housing bottom until at least 2012. The bulk of the ARM resets occur in 2011 and 2012. So regardless of interest rates and other factors, there is no chance for a real recovery to begin until those ARMs (aka foreclosures) are out of the system.
No crap, if you pay attention to the ARM reset charts it has been obvious for a few years now that there is no chance for a real housing bottom until at least 2012. The bulk of the ARM resets occur in 2011 and 2012. So regardless of interest rates and other factors, there is no chance for a real recovery to begin until those ARMs (aka foreclosures) are out of the system.
