You think real estate is bad now….just wait, it’s only going to get worse. Think prices are low now….just wait, down, down, down. The only real hope for any kind of solution is jobs, jobs, jobs and there is nothing on the state or national horizon that gives us any hope at all that the employment picture will change….until after 2012 at the very earliest.
Incomes are down and going lower. Jobs are going, going, gone….and guess what, a consumer-driven economy will not support the needs of this complex interconnected world we live in.
I say ignore the news and especially ignore the Realtors with all their delusions of any kind of recovery….if you want to know what’s really going on with real estate and the “recovery” of the housing market….take a look at the stalled foreclosures, cancelled foreclosure sales, dismissed foreclosure cases….and then just add to them the all the millions of properties that are many, many months behind on their foreclosure…but foreclosure not filed yet….how many?
|Number of properties that are 30 or more days past due, but not in foreclosure: (A)||“‹4,187,000|
|“‹Number of properties that are 90 or more days delinquent, but not in foreclosure:||“‹1,921,000|
|“‹Number of properties in foreclosure pre-sale inventory: (B)||“‹2,164,000|
|“‹Number of properties that are 30 or more days delinquent or in foreclosure: (A+B)||“‹6,350,000|
Those are all very, very scary numbers and things are only getting worse….please read the attached article for a real picture on where we are and where we’re going….