We’ve all heard and read some absurd statements from a number of people i.e Lereah, Watts and recently Ken Fisher to name a few over the last year. There are so many people who have a vested interest posting “objective” analysis that clearly turns out to be flawed, fraud or even ridiculous.
With Dataquick’s info behind by two months I’m wondering who is posting timely, accurate and/or honest information anymore. There are a lot of good, honest people around but it wouldn’t surprise me if a reporter investigated how many “industry” people flipped homes or invested in general over the last 5 years and found a number of “irregularities” stemming from people with inside knowledge. There may have been more than a few public self-serving prophecies with all the creative financing going on. Who knows? So far the media still seem content to print/report what is spoon-fed to them without questioning or investigating the market on their own.
I’m on record that this could be the worse downturn aside from the depression era and we’re still headed that way especially with the resets looming on the horizon. There are so many homes falling into the lenders hands on a daily/weekly basis that pretty soon these guys will once again be the largest group of homeowners, much to their chagrin.
There will still be the occasional dead-cat bounce but we’re still headed for a minimum 25-30% drop imo. Most people recognize we’re in a buyers market now and they are content to wait it out until further reductions occur. You know something’s wrong when a $536,000 loan goes REO on a property in Fontana for God’s sake.
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