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Post by jeffolie on Feb 4, 2009 13:26:45 GMT -6
Eventually the Obama Administration will be forced to address the mega huge problem of empty, vacant houses which grows bigger daily. I have predicted an Obama program of the feds buying houses then converting them into rent-to-own homes. The monster 19 million emty homes will consume the housing market. --------------------------------------------------------------------------------------------------------- Feb. 3 (Bloomberg) -- A record 19 million U.S. homes stood empty at the end of 2008 and homeownership fell to an eight-year low as banks seized homes faster than they could sell them. www.bloomberg.com/apps/news?pid=20601103&sid=ap.iU9iqfn20&refer=us
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Post by kramer on Feb 4, 2009 18:59:47 GMT -6
Eventually the Obama Administration will be forced to address the mega huge problem of empty, vacant houses which grows bigger daily. I have predicted an Obama program of the feds buying houses then converting them into rent-to-own homes. The monster 19 million emty homes will consume the housing market. --------------------------------------------------------------------------------------------------------- Feb. 3 (Bloomberg) -- A record 19 million U.S. homes stood empty at the end of 2008 and homeownership fell to an eight-year low as banks seized homes faster than they could sell them. www.bloomberg.com/apps/news?pid=20601103&sid=ap.iU9iqfn20&refer=usWow, that's a HUGE number. I would have never guessed that it was that high. Should be good for young homebuyers... kramer
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Post by jeffolie on Feb 4, 2009 19:30:01 GMT -6
Inflation will not get traction despite the stimulus program and $5.5 Trillion Federal Reserve balance sheet as long as housing prices are dragged down by the mega huge inventory of empty houses.
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Post by unlawflcombatnt on Feb 5, 2009 2:27:34 GMT -6
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Post by graybeard on Feb 5, 2009 7:06:00 GMT -6
U.S. Housing Slump Has ‘Just Begun,’ Says Forecaster Talbott Review by James Pressley Feb. 5 (Bloomberg) -- Let’s say you own a $1 million home in Santa Barbara, California. The house seemed like a steal when you bought it with that adjustable-rate mortgage in 2005. You still love the white beaches and those yachts bobbing up and down in the harbor. Then you awaken early one morning, troubled that your monthly payments will soon double. You go out to pick up your newspaper and see for-sale signs on five houses on the street. One identical to yours just sold for $500,000. Are you going to pay the bank $1 million plus interest for your place? John R. Talbott, a former investment banker for Goldman Sachs, poses that hypothetical question in his latest book of financial prophesy, “Contagion.” His answer: “I don’t think so,” he says. “If I’m right, then this housing decline has only just begun.” ... www.bloomberg.com/apps/news?pid=20601088&sid=a8mdg7z0u7Dw&refer=homeHe the bottom will be 1997 prices, which I predicted on this Forum a couple of years ago. GB
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