The Hammer

Has the Housing Market Hit Bottom?

Nice article..well thought out and balanced. I figure that house prices have may have bottomed or stabilized in some of the most decimated markets in the country . I just do not see much if any appreciation for some years to come.
Lets watch how the realwhores try to start the pump fest again.
I sold some properties back a few years ago after buying them in the mid 1990's. As you explained about sales and hosue prices, this happened in the early mid 1990's housing market. I bought properties in 1994-1995 at lower prices eventhough more sales occurred.
This was the biggest bubble ever so the hangover is going to last mlonger than the past housing bubble. Anyone thinking that they are gojng to hold off trying to sell their house until next year or the year after and prices will be back up again are fantasizing.

Housing Starts at Underappreciated New Low

It appears that the free markets are allowed to work in this case since the securitized phoney loans funding the biggest misallocation of capital in our history has vanished.
It still amzes me how the same execs throughout the various industries that acted with such malfeasance and reckless abandon still run the RE industry, realthors, bankers, wall street and the Fed.
It is my opinion that the shadow housing inventories are much larger than is expected and this inventory will continually be hitting the market of the next 2-3 years.
Houses will not bottom until they become affordable again and with property taxes in upsurge mode home prices will continue their hard landing. The NYC metro area was one of the last markets to top and now is in freefall so all the dominoes will fall befoe this ends.
To expect homes prices to just rebound when we get to affordable lows and not overshoot to downside is all fantasy.
When will the realhores call the next bottom, I have lost track. Why no class action attorney so far has not gone after this industry is beyond me?