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Not surprisingly from the Orange County Register’s blog on real estate:
A new semi-annual survey of investment advisers from Charles Schwab find that 71% of those polled think it’s likely that the nation’s housing market will continue to soften while 15% think that such a scenario was unlikely. The remaining 14% felt somewhere in between.
The changes being made to lending guidelines, investor money flowing out of mortgage backed securities, and the overall jitters in the market about the continued erosion of those securities (i.e. more defaults) it is difficult to see a scenario where housing actually improves in this environment.
To all of the real estate agents that have taken the "happy pill" of over-optimism please don’t punish a potential client by putting them in a home right now on the premise of "spring is always good for the housing market" or some similar nonsense. At this point it would be highly irresponsible to mislead a customer about the current market situation.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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