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In response to a question in the weekend Bits Bucket about FSBO, Housepad offers a smorgasbord of services. (I'm not paid to advertise for them, just sharing the information).
Monday, June 28, 2010
Northern Virginia Bits Bucket 6/28/2010
Posted by Harriet at 6:00 AM
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3 comments:
This is a repost from the weekends discussion.
"So tomorrow is the CS number. Personally I don't think it will be very interesting. We have had several months where it dropped ~1 point/month. I am fairly confident we will see the same thing again, with the number in the 174.2 range.
It will be more interesting to see what happens to housing prices once the tax credit has no impact. Unfortunately we are about 5 months away from this. The April monthly data is coming out now and seeing that the data has a three month look back we are still looking at February-April Data. So it will be almost the end of the year before we get clean data with no housing credit impact. Although there will be other indications of what happened to prices before then."
"It will be more interesting to see what happens to housing prices once the tax credit has no impact. "
I have already seen about 4 house re-list that were Contracted before April 30...so some of these aren't even closing
They usually start the write-up with:
"Back on the Market"
Home Prices Could Drop 50% As The Great Recession Resumes
Home prices will decline again with risk of another 50% down to get house prices back to levels of 1999 / 2000. Community banks can’t lend as they continue to choke on C&D and CRE Loans written in 2004 through 2006. These are nearly uncollectible. Financial regulations just might shift the burden to the “too big to fail” banks who will need to raise capital while reducing their main source of income, proprietary trading.
There is no double-dip, just a continuation of the Great Recession. I have been calling this “The Great Credit Crunch”. On April 26th predicted the beginning of the second leg of the multi-year bear market which is again led by housing and financials.
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