I find it hilarious when I hear David Lereah, the N.A.R. housing shill, talking about how great it is to buy (or sell) a house today. These morons forget even what happened only a decade ago. Housing declines last many years (take a look at one of my links to housing cycles dating back to the 1800s). The above chart shows some massive changes in particular areas.
And another lame argument I keep hearing is all these buyers that are on the sidelines will jump in this upcoming spring and summer. You think buyers are going to jump in when they hear these headlines:
1. Housing prices declining at record pace.
2. Mortgage resets totaling in the trillions.
3. Foreclosures at all time highs.
4. Zero to negative appreciation.
Yeah, that is the rallying cry for housing. Actually sounds more like the siren call…