Well now that you explained your position a little better I`ll say I agree with almost all of it except that adding a lot more foreclosed homes to the market would be a good thing.Home values are already so low so I don`t think adding more trashed,vacant places to the market is going to help although I am certainly no expert in the field.
Sorry I wasn't more erudite previously!
Jeff, there are so many homes in this country that need to be foreclosed on, its 7 figures. Until they're dealt with (ie flush the toilet) housing prices will never stabilize. The current situation is hurting more people than its 'helping'. People like you and me. The biggest ***** out there is a cry for "affordable housing" right? either to buy or rent. The housing is there, there's plenty of it, its just waiting to be re-cycled through the foreclosure/sale process. But the gommit has put a stop to it for political reasons. Me? I can wait for the other shoe to fall probably by the elections, I own my home and other property that's already paid off. But for folks who are looking for their main investment, their "home", young couples who want to buy and start families, families who need bigger houses, older folks who to want to buy and scale down, - responsible people, these are the people getting screwed, and its not fair. Its politics. If the housing market was allowed to 'bottom' once and for all, folks like you and me would get great deals and start over building wealth. I don't care what the present market value of my house is, its my home, its not an investment. Too many look at their homes short term now, not too long ago when a person or a couple bought a house that was "it", that's where they were going raise families and die eventually. Now people look at homes like a car, they'll always loose money.
You'll get your house Jeff, sooner or later. And it will be the PERFECT house at the PERFECT price! Be patient, if you can hang out without owning property for a bit longer you may be handsomely rewarded - I see a market just short of "buy one get one" at that time. And if people think they're underwater now, just wait.... But it will turn, it will take a couple of years, but it will turn. And this forecast assumes a pro-growth, pro-business Romney administration. If Odummer is re-elected, I see the same housing crash only it will be compounded by a complete economic crash of the country, even worse than it is now if that can be imagined. Houses, investment properties will be even cheaper! But, the banks won't be lending (because we'll be in a full blown depression) so no one will be able to get a mortgage. Cash buyers (like myself) will make out like bandits. And all that does is further the divide between the alleged 'classes' of people in the country. I want to see you and every other responsible person in this country be able to buy the home of their dreams and keep it by staying well employed. Neither is possible with the current administration, that should be obvious to anyone.
