No Quick Recovery, says NYU Prof ; though, he said that he thought another 5% drop. Maybe 10-15% Max!
The naysayers were yelling with outright claims of Real Estate Armageddon,
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- No bottom til 2012 says another professor
- Downward spiral that cannot be stopped
- FED will be raising rates to fight inflation which will be catastrophic
- futures market of S&P Case/Shiller index is forecasting price declines of another 30%.
- We are in a downward spiral,
- unemployment up and inflation up, prices will drop much further"
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My view is this - the herd has been wrong since the boom started.
Even Alan Greenspan who is now often credited with causing the housing bubble by drastically dropping interest rates , did not see any of this coming.
As Greg C said "EVERY-SINGLE-ONE of these prognosticators have been wrong about all of this for the past 3 years..
So, ...It stands more to reason that..
all the masses, who are so sure the sky is fallng, who everyone is so quick to read and believe,..
will be just as incorrect as the masses who missed predicting this situation in the first place.
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Copyright © 2008 By James Wexler, All Rights Reserved. *No Bottom for Housing Until ... Forever*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs
They may have a lot of fancy initials behind their names which I'm sure connotes expertise, but they don't have a crystal ball! If they did, they would be in Vegas or already on a beach with some fruity drink in hand!
James, I go along with the theory that the bottom will be in '09 some markets may take a little longer because of the peaks that they had and now it needs to level out. With that being said I have to post this disclosure, "My Crystal Ball Get Real Foggy 1 second after I hit the send button on this comment".
Don R.
James - great blog and really great point , its amazing how sure everyone is of our Housing Crisis and were real estate is supposedly heading- where were these so-called experts 3 years ago ?? I guess what they say about hindsight being 20/20 is accurate- but it doesnt make you an expert after the fact either- great blog
the way I look at it is, that no one truly knows , and..if Alan Greenspan, one of the smartest man in the world did not see the Housing Bubble before it was too late - well then how is everyone so sure we are headed the other way into a deep real estate depression?? -
Holla! Sounds about right to me.
God only knows....sorry that I don't have the power to wave that magic wand!
we are seeing a lot of renewed buyer interest at these price levels. I cannot foresee drops of 15%, no less 30%. It appears that it is now the same over emotional reaction in the exact opposite direction.
you realtors are funny. no matter how bad things truly are, you still stay with the same crap that must of taught you in Real Estate Sales 101 - "know is a good time to buy" -
well thanks for nothing. It is not a good time to buy! Andm It is not going to be a good time to buy. Thankfully, Maybe all of you useless people will get a real job and know what it is like to work for a living like the rest of us.
By the way, I am a used car salesman and until now, I thought we were the lowest on the food chain. You all are bottom of the barrel.
you want some advice?.,,skip the open house and go straight to hell.