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Originally Posted by host
ace, none of the above matters if a massive, unrelenting stream of foreclosure sales competes with homeowner "offerings", and the glut of builders still rising inventories, month after month.....VALUATION will fall, then plummet, turning the ATM cash out refi, into a "cash back in", "re-pay", and then a "walk away". This will feed on itself, just as the uptrend in valuation, to bubble level did, fed by huge amounts of liquidity, advanced to unqualified mortgage applicants, "at the top" of the bubble, for the last several years.
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Or...about 99% of homeowners will continue paying their mortgages and live happily in their homes.
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To believe otherwise, is to believe in fairy tales, IMO:
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I guess I believe in fairy tales.
Seems like this month the subprime thing isn't making headlines like it did last month.
There are indicators the housing market hit bottom and is recoverying.
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Building permits, a sign of future construction, also rose 0.8 percent. Permits for single-family homes increased 1.4 percent. Construction of single-family homes rose 2 percent, but work on multifamily structures fell 4 percent.
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http://www.chicagotribune.com/busine...i-business-hed
At this point all you have to do is stop responding (I promise not to rub it in), everyone who has read this thread knows your data does not support your view that the housing market is going into free fall and will have broader ramifications throughout the economy causing further panic and doom. I am going to be able to post endless amounts of data showing market improvement - because it is real - because long-term marco indicators support strong market fundementals.