Posted on 10/24/2007 7:39:49 AM PDT by NaturalGorilla
Existing homes sales slid 8% to a 5.04 million annual rate in September...The median home price was $211,700 in September, down 4.2% from $220,900 in September 2006...
(Excerpt) Read more at economicsbriefing.com ...
Its just getting started. Wait till the next wave of subprime kicks in in end of ‘08. The bottom feeders will have a field day picking up properties from banks. Right now banks are holding on to properties seeing what the fed does and holding out for better prices. Once they see they won’t get them they will be unloading properties for pennies on the dollar. They will come to the conclusion they don’t want to be real estate brokers and cut their losses driving prices way way down.
Play your cards right and you can pick up a nice house for very little. Give it 1.5-2yrs
True ‘dat! The over-sized, over-leveraged houses built during the last 5-10 years will soon be available at rock-bottom prices.
I wonder if the Federal Reserve, in its effort to spur growth and encourage consumption, thought Americans by the millions would end up bankrupt...
Had the Fed not intervened and not held rates unnaturally low, might the federal government and private individuals been more judicious in their uses of debt financing? Nah, we all want to die in debt and leave the problem to somebody else!!!
Maybe if the Fed cuts rates again, we can all refinance and start over-consuming again...
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