I usually like Kudlow,,,,but his "real estate is a little soft" stance is maddening...all of CNBC is like that....its like there's a giant Elephant in the room and nobody wants to talk about it
The real trouble hasn't even begun yet. All those houses being listed now aren't selling, so the owners are taking them off the market until the spring. Check reality tracker. It's happening right now. Houses will sit for 6 months, unsold, and the realtors will tell the owners to take it off the market for now. When the spring hits, there will be the largest spike ever in listings of homes for sale - a complete flood. With the exception of very few markets (Seattle is one example), there will be incomprehensibly large inventories of unsold homes. Supply and demand disequilibrium will crush prices.
With the scores of unsold homes and new developments at various stages of completion, the next decade may prove to be the greatest time to be a homeless squatter in American history. case in point: http://iamfacingforeclosure.com/153/homeless-dude-trespassing-on-my-property/
Krudlow has NO credibility whatsoever... he's nothing more than a snake-oil salesman... a shill for the media Powers.
Agree. Kudlow and credibility are two words that don't belong together, at least not in a positive manner.
subprime delinquencies...... Again, going up.. BUT WAIT! We aren't even at the 2002 peak! Here's an excerpt I wrote on my blog earlier:
=================== $1291 pmt/month is very very high % of his 2400 month income. Sounds like a mortgage broker rammed thru that quote''deal '' unquote.Most local banks have better sense about cents/dollars Also all adjustable rate mortgages are not equal; that one is a good deal, that is for the lender, not barber
An ad: "Stop throwing away money on rent and start becoming a homeowner today. Poor credit welcome." "Poor credit welcome" - this is just sad