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Dallas Federal Reserve: The Fallacy of a Pain-Free Path To A Healthy Housing Market.
"Given that time has not proven beneficial in rendering pricing clarity, allowing the market to clear may be the path of least distress."Indeed.
Today I'm going to help a friend move out of a rental that's going to go up as a short sale. The troubles are lingering still.
7 comments:
REO in S Arl
was: 2/10/2006 $1,060,000
now: 12/22/2010 $771,300
i'm surprised the buyer got $24,000 subsidy out of the bank
Harriet, that's good of you to help. Sorry your friend was put in this position.
MM, do you suppose it was either required by the lender (to get the house in livable state) or a closing cost subsidy if the buyer closed through the foreclosing bank?
bout 3.6 million housing units, representing 2.7 percent of the total housing stock, are vacant and being held off the market. These are not occasional-use homes visited by people whose usual residence is elsewhere but units that are vacant year-round
And people give me a hard time.???
The fed confirms what the bears have said.
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/23/AR2010122305457_pf.html
Harriet,
thanks for the link to the interesting report. It is tacit admission that the market is being manipulated. "The Federal Reserve’s purchases of Fannie Mae and Freddie Mac government-sponsored-entity bonds, which eased mortgage rates, supported home prices." and "... pulling demand forward has not produced a sustainable stabilization in home prices ..." are telling.
Merry Christmas, y'all. May 2011 see sustainable employment growth.
Hey everyone
I hope Yule was happy and Merry.
Lots of eating, drinking, and maybe
more then Nog.
Harriet, great article, also got it from Patrick. Maybe some enterprising individual can construct the corresponding graph of the NOVA area from the data in the links provided?
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