Quote:
Originally Posted by SwampYankee
On the real estate side, one stunning number was the sheer amount of foreclosed, bank-owned properties that the banks are holding onto with hopes of the market turning around at some point because they don't want to take the hit of selling that house that they originally wrote the mortgage on at the very peak of the market. When the market does start to really turn around there will be a built up inventory of bank owned properties hitting the market which doesn't bode real well.
Based on his presentation I'm thinking the recovery is going to be a lot longer and a lot flatter than we all hope.
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Correct. There are a vast number of foreclosed/bank owned houses around here. A year ago they all had fore-sale signs on them. Now they've all disappeared and the houses just sit vacant. And thats apart from the huge number of incomplete developments all over the place.
The "recovery" once the market bottoms out, which it has not yet done in my opinion, will probably be a very long flat period lasting about a decade. Only after 2020 will we start to see a meaningful upswing in the market in my opinion.
Bottom line. No jobs, no economy, no housing market.
- Peter.
- Peter.
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2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S