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And this is government interference in the economy at its worst. They decide to try to rescue the housing market by making it easier to get financing - again. People bought homes the past couple of years with low downs, and now the prices still dropped and you have a new big bunch of people who are under water on mortgages. Where do we get these geniuses?
Until the housing market is allowed to find a true market bottom with no interference, it won't recover. Artificial props are just that. Anyone who bought a home in the past two years needs a lesson in history.
"Never try to catch a falling knife."
Maybe no housing rebound for a generation: Shiller - Chicago Tribune
"The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday."
A mortgage broker I spoke to the other day (while working on a re-fi) told me some interesting stuff about the housing market. Notably he mentioned 75% of the foreclosed houses have not made it to the market yet and he believes the housing market has not even come close to 'bottoming out' yet.