How long do you see it taking for housing to turn around and begin its sluggish recovery? We have a huge shadow inventory of foreclosures to get through before we can even begin to speak of new inventory from new housing starts. Mortgage interest rates are historically low and are doomed to rise significantly. We have a lot of ARM resets to get through this year and next, maybe 2012 as well.
When do you expect the carnage in RE to end and a weak recovery begin? Before 2015?
Many RE markets are recovering and values have stabilized