ajtj99's Market Pulse

[ajtj99]

I don't expect housing to bottom until mid-2010, and I don't think we'll start seeing appreciation off that low until late 2012.

The denial out there was unreal. I have a relative who travels all over the US who swore to me last December he thought Florida real estate was going up indefinitely. They own waterfront property in another state, and they were completely unswayed by the stats I was rattling off regarding foreclosures, reversion to the mean, sub-prime, alt-A, interest only loans, liar loans, teaser re-sets, rising supply, and desperation selling.

People buying foreclosures now need to be punished by the market. That is what we need before we get a good low in real estate.