Rosen; Lindsey & Whitney Video Interviews
All agreeing with the Nattering One... in absolutely MUST WATCH interviews.
Kenneth Rosen; head of the Fisher Center for Real Estate at UC Berkeley: The problem is global and its just starting.
Where is bottom?
Real estate price levels must roll back to mid 90's levels in order for the monthly payment to income ratio to reach equilibrium.
US housing and mortgage markets are in big trouble. The housing market is going to take another hit as the recession has "just begun".
Larry Lindsey, former National Economic Council director:
Politically favored credit such as FNMA & FHLMC being nationalized won't save the day; and will only cause more problems.
We are following a dangerous path similar to Japan's recent 18 year asset deflation.
Housing is indicative of many other capital assets and the road to recovery will be slow and painful.
Also, uninsured depositors such as large company payrolls, are the next "potential iceberg" for the US economy.
Meredith Whitney, the Oppenheimer analyst told Fortune magazine that the financial market turmoil is far from over.
On CNBC, Whitney said that home prices will fall much more than people expect.
Housing prices will fall more than 30% before the market recovers and banks will continue their reluctance to lend until the credit crisis clears up.
Whitney said the housing deterioration will be worse than even the doom-and-gloom predictions that already have circulated regarding the market.
Interesting Codicil: The pile will only get bigger... Rick Sharga, EVP at RealtyTrac:
About 1 million U.S. homes will be in some stage of foreclosure by the end of the year, and as many as one-third of them will be owned by banks.
Bruce Norris, president of the Norris Group:
"The defaults turning into trustee sales means the banks will have an enormous pile coming at end of year. It will be much worse in the second half."
Validation is sweet, you can't say you were not warned.
Kenneth Rosen; head of the Fisher Center for Real Estate at UC Berkeley: The problem is global and its just starting.
Where is bottom?
Real estate price levels must roll back to mid 90's levels in order for the monthly payment to income ratio to reach equilibrium.
US housing and mortgage markets are in big trouble. The housing market is going to take another hit as the recession has "just begun".
Larry Lindsey, former National Economic Council director:
Politically favored credit such as FNMA & FHLMC being nationalized won't save the day; and will only cause more problems.
We are following a dangerous path similar to Japan's recent 18 year asset deflation.
Housing is indicative of many other capital assets and the road to recovery will be slow and painful.
Also, uninsured depositors such as large company payrolls, are the next "potential iceberg" for the US economy.
Meredith Whitney, the Oppenheimer analyst told Fortune magazine that the financial market turmoil is far from over.
On CNBC, Whitney said that home prices will fall much more than people expect.
Housing prices will fall more than 30% before the market recovers and banks will continue their reluctance to lend until the credit crisis clears up.
Whitney said the housing deterioration will be worse than even the doom-and-gloom predictions that already have circulated regarding the market.
Interesting Codicil: The pile will only get bigger... Rick Sharga, EVP at RealtyTrac:
About 1 million U.S. homes will be in some stage of foreclosure by the end of the year, and as many as one-third of them will be owned by banks.
Bruce Norris, president of the Norris Group:
"The defaults turning into trustee sales means the banks will have an enormous pile coming at end of year. It will be much worse in the second half."
Validation is sweet, you can't say you were not warned.
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