http://www.cnbc.com/id/49436858
Excerpt:
"One analyst, Keith Jurow, who writes about the housing market for finance site Minyanville, thinks that the current price rebound is just yet another head fake. Jurow thinks the bottom for house prices is "nowhere in sight." And he thinks that homeowners in some markets like New York, which haven't experienced price declines that are as sharp as in some other markets, will get particularly clobbered in the next few years.
Jurow bases his conclusion primarily on concerns about so-called "shadow inventory"—a huge number of houses that will eventually be on the market but aren't counted in current inventory figures. For example, a large number of households are behind on their mortgages or have stopped paying their mortgages, Jurow says, but the banks have yet to foreclose. When banks are finally forced to foreclose, Jurow says, and these houses hit the market, they will cause significant additional price declines. Additionally, some homeowners who want to sell are waiting for price increases. When they finally give up and put their houses on the market, Jurow says, this will add additional supply."
P.S. I would tend to agree but I've been soooo wrong about the dollar, and railed against Ben Bernanke's 'genius' for so long, my agreement here would tend to be highly irrelevant.
As in WTF do I know ?
