The point of this post is that unfortunately, it seems that we haven't even come close to "bottoming out" yet. With rents continuing to decline, there's little hope in sight for sellers.
Unless substantially more relief is forthcoming, Moody’s Economy.com projects that some seven million homes will fall into foreclosure this year and next. Of those, nearly 4.5 million will result in distress sales, prolonging the recession by adding to the downward pull on house prices, home equity and household wealth. And those dire projections may prove too optimistic.
Can't we keep this cordial? The market is what it is. Praying for declines, stabilization, and yes - even advances will not make it so. This is a simple, practical matter of supply and demand. And right now there is excess supply, and lack of demand for a host of reasons that will not resolve themselves for the next 5 to 10 years.
These are the facts, and praying, cursing, nor hoping will change them.
"The market is what it is. Praying for declines, stabilization, and yes - even advances will not make it so."
Absolutely right. The accusations against people who discuss what's actually happening as though they are bending events with their will have never made sense to me, yet they're a staple of this site.
The point of this post is that unfortunately, it seems that we haven't even come close to "bottoming out" yet. With rents continuing to decline, there's little hope in sight for sellers.
NYT Op-Ed 7/5/2009
http://www.nytimes.com/2009/07/05/opinion/05sun1.html?_r=1
Unless substantially more relief is forthcoming, Moody’s Economy.com projects that some seven million homes will fall into foreclosure this year and next. Of those, nearly 4.5 million will result in distress sales, prolonging the recession by adding to the downward pull on house prices, home equity and household wealth. And those dire projections may prove too optimistic.
Barclays just predcited that foreclosures will peak in mid 2010.
Hopefully, several million of those foreclosures will be in NYC.
and hopefully, of the millions of renter evictions that will result from it, one of them will be yours.
NYC foreclosures down 7%:
http://therealdeal.com/newyork/articles/new-york-city-foreclosures-down-from-the-same-period-last-year-according-to-propertyshark-com
El_P, NO FORECLOSURES for YOU!
Hey, The_President--angry, eh. Good luck in life, champ.
your the one without a life.... priced out of the market and parying for misery on other so that you can buy your little shit box.
Can't we keep this cordial? The market is what it is. Praying for declines, stabilization, and yes - even advances will not make it so. This is a simple, practical matter of supply and demand. And right now there is excess supply, and lack of demand for a host of reasons that will not resolve themselves for the next 5 to 10 years.
These are the facts, and praying, cursing, nor hoping will change them.
"The market is what it is. Praying for declines, stabilization, and yes - even advances will not make it so."
Absolutely right. The accusations against people who discuss what's actually happening as though they are bending events with their will have never made sense to me, yet they're a staple of this site.
yep...its called shooting the messenger. doesn't work...but i guess it makes some feel better for a bit.