Housing Market Meltdown Not Over: Zandi

cnbc.com ^ | 12/2/09 | moose2004

[moose2004]

The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said Wednesday.

[moose2004]

Green Shoots!!!

[C19fan]

I am ROTFLOL because a few months ago Mr. Zandi, who by the way is Pelosi’s and Zero’s favoriter economist, gave a presentation where I work and he predicted the housing market would of reached bottom by now and unemployment would peak this month. WRONG ON BOTH COUNTS!!!

[PA-RIVER]

All the paper increases we made from the “Acorn Ghetto Crowd” has evaporated.

[Bon mots]

So how's that Hopey Changey working out for you all?

Zero has his fingerprints all over this crisis. He is personally responsible for at least one ACORN lawsuit against Citicorp forcing bankers to make loans they knew were bad.

[Tallguy]

I read an article about the economic problems on Philadelphia's ‘Main Line’ suburbs this morning. The article stated that the universities located in the area (Villanova, St. Joseph's, Bryn Mawr, etc.) were holding the economy up while a lot of executives, bankers and so forth had lost their jobs. My immediate thought was, “yeah, wait till their kids start transferring out to state schools, and see where the Main Line is next semester/school year.

[TonyInOhio]

[Buckeye McFrog]

they will be forced to revisit the Barney Frank idea of cramdowns in order to avoid the spectre of millions being turned out of their homes, which will topple the banking system and give the Obama Socialists exactly the opportunity they have been waiting for to seize control of the economy.

[moose2004]

I’ve seen Zandi on cnbc before, he comes across to me as a big WH cheerleader, but this article is a 180 degree turn for him. If we’ve reached a point where even an Obama fan is predicting very bad news then we must be in a world of trouble.

[moose2004]

Obama claimed his “stimulus” bill would prevent unemployment from going over 8.5%, obviously he was wrong, so this is HIS economy, and he should quit blaming Bush at every stop because poll after poll shows the American people want action, not lame excuses and lies.

[moose2004]

I wonder what kind of hit those schools’ endowment funds have taken?

[PA-RIVER]

I left a programmers job 9 years ago.

The guy who replaced me promised me on the day I left that he would blame every single problem on me.

A year later I found out that he was doing just that.

18 month later I heard he was fired. So Obama has some rope, and he's wrapping it around his own neck. Hes never had a real job, so he doesn't understand that he will be forced to take responsibility.

[beaware]

THere is a Typo in the article that is actually kinda funny... See if you can catch it...

Last month the Omaha administration extended the $8,000 first-time home buyer tax credit,.....

[Freedom_Is_Not_Free]

Not close to being over. Here is to hoping the house I bought in the greater Sacramento area for $225,000 a year ago never dips below $150,000. I can hope anyway. (I think it won’t fall below $175,000 but you never know).

[catbertz]

Ugg. I’m in escrow now on a nicer home. Rolling 200k in equity, but assuming a larger mortgage. These stories give me ulcers.

[Freedom_Is_Not_Free]

As long as you keep your job, you will be fine. I assume you will be in your home for the longer term. I really think I will not be back to even for about 10 years. Then again, we could have severe inflation, the way Obama is spending. Then again, Japan is deep in debt via public infrastructure spending and they are in their 20th year of a housing slump.

There is a very real chance we follow suit but our housing bubble was half that of Japan's. FWIW, we are 5 years into our own housing slump, with 5-10 years to go...