For anyone who thinks that the worst is behind us for the housing market, check out this graph from Michael David White:
We are headed into the slow season for housing with massive amounts of inventory out there, both in the “shadows” and out of it. White says:
We are in a battle to the death and only fools rush in to this market. Wise men run for the hills. My suggestion? Rent. Don’t Buy. If you own, sell. Then wait out the storm. We live in interesting times. Don’t make yourself a statistic of them.
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What a blast stocks. The long-term indices are increasingly bad for the U.S. housing market.
Home buyers must price in the coming 20-30% further decline. If they don’t that “great deal” today will just be tomorrow’s mistake (and underwater home).
As I with seasoned agents in Bellingham, all agree 2011 is going to be a blood bath in the real estate market. In my opinion, We need to stop trying to bail out out these distressed home owners and focus on the longer term problem; unemployment.