There’s always something to howl about

ZeroHedge: “Here’s the simply math: there will be no housing bottom until the 9 million excess homes clear.”

Read it and weep. Bet wrong and weep harder.

Related posts:
  • Zero Hedge: “Presenting: The Housing Bubble 2.0″
  • How the new president is going to prolong the housing bust
  • “Americans will downsize and live multigenerationally, in order to offset the fraud they know exists in real estate. Until there is wage growth, and that could be years or decades away, people will not trust any upward movement in real estate values.”


    9 Comments so far

    1. [...] that another wave of foreclosures is about to hit the U.S. housing market. (HT: Zerohedge via BloodhoundBlog) The robo-signing settlement paved the way for lenders to resume foreclosure on many of their [...]

    2. Jeff Brown April 5th, 2012 4:21 pm

      Some have been at least mildly irritated when I estimated 4-6 million. ZeroHedge says 9 million?! Wonder what all those ‘winning’ bidders are thinkin’ around the country?

      Bet wrong? RealtyTrak, at least in my experience, has been relatively reliable. 90 day+ lates, and the rest, can’t be made up out of whole cloth. I’ve been holding firm on my take. It’s better though, realizing there are others rowing this boat with me.

    3. Vernon Dimerson April 6th, 2012 10:01 am

      “Durden” is right. Better buckle up, folks. Another price plunge is just around the corner. Thanks for posting, Greg.

    4. Jim Klein April 6th, 2012 12:46 pm

      Don’t forget the New Axiom—”Nothing makes sense.” The argument is based on the premise that those zillions of new foreclosures will be released onto the market. As we know, there are umpteen ways that may not happen. Or it might.

      It almost doesn’t matter, since the word “price” is yet another one soon to become archaic. To use an example, in a year gold could be $1400 or it could be $2400, and probably not 100 people on Earth know which it’ll be. Let’s see anyone make sense of that.

      My Corporation was formed in 1985 and I closed all my merchant accounts today. This Company, at least, is done dealing with frauds. Sunday can’t come soon enough.

    5. Misty April 7th, 2012 2:08 pm

      As I listen to Case /Shiller Reports, the pundits on CNBC,FOX BUSINESS ,CNN MONEY, etc just to name a few, what they are talking about can’t make any of us feel very good. Don’t be deceived by the recent unemployment numbers as well. I study stock charts and S&P 500 Real Estate ETF doesn’t look so swell either. To me it showing some downside medium term risk as well. I am not so sure about buckle up going to work it’s more like make sure your tires are filled with air it is going to be a very bumpy ride.

    6. Jay April 12th, 2012 9:29 pm

      I am not sure about the country as a whole, but I am in Dallas and I have not been this busy since 2007. I am an architect and it is like someone has thrown a switch in regards to my business. Granted we where not nearly as hard hit as the rest of the country and I hope this wave of foreclosures washes up on other states shores. We will see.

    7. Peter Jordan April 13th, 2012 1:10 pm

      As home prices in New Jersey continue to tumble and pundits declare we’ve reached a bottom, it’s forseeable to me it’s one of many, with true recovery still years away.

    8. Josh Malone April 18th, 2012 2:30 pm

      I can’t speak for other areas, but the only price points that seem to be holding their own in the middle Tennessee area are the lower end homes. Otherwise any gains in other sectors of the market seem to be short lived. As spring aproached, probably like many areas, prices spiked as many sellers where overly optimistic about the market. However homes are sitting and those higher prices are being dropped day by day. I almost feel like the instant turn around mentality hurts home values more in the end.

    9. Jeff Brown April 18th, 2012 3:51 pm

      If the ‘second wave’ of foreclosures is out there, and I believe it is, the stars appear to be lining up. This will be especially true of judicial foreclosure states. Think of Memorial Day as a starting point. Look back on July 4th to see if NOD’s spiked, which I think is more likely than not to have happened.

      It all hinges on the BigBank agreement. For some markets it won’t have much of an impact, say Phoenix. (not sure though) But for places like CA, FL, NY? Oh my.