This new chart of coming mortgage resets has been covered well at Calculated Risk, Dr. Housing Bubble, and The Great Loan Blog, but I wanted to bookmark it here too.Second is this YouTube video of Fox News with Peter Schiff vs. guys who predicted 10% gains last year, from Housing Panic yesterday. Quotes:
"Will homes be worth more or less in 2007?"
"Today's home prices are completely unsustainable. They were bid up to these artificial heights by a combination of temporarily-low adjustable-rate mortgage payments, a complete absence of lending standards and by speculative buying."
"These sky-high real estate prices are going to come crashing back to earth. There's no way to stop it other than the Federal Reserve creating so much inflation...."
3 comments:
Westside,
Did you see this week's report by Goldman Sachs that estimates CA homes prices are 35% to 40% overvalued? After the ARM resets in 2008-09, the wave of Option recasts will remove another large source of buyers from the market. This could continue well into 2001-12.
wait a second -- so i'm not going to be able to buy a house till 2011 or 2012?
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