Just catching up on the news – which I sadly get from FLY at ibankcoin.com because at least I trust him. He even has some extra truthiness up with a fake rich dude posting bearish jibberjabber .
Here is what the Wells Fargo CEO said at an investor meeting today:
“…the U.S. housing downturn is far from over, but the eventual rebound should be fairly quick as inventories of unsold homes decline…the downturn resulted in part from “froth, unscrupulous lenders, (and) borrowers who got too greedy. In 2006 the music stopped.
“I don’t think we’re in the ninth inning of unwinding this. If we are, it’s an extra-inning game,” he continued, using a baseball reference. “We have more down to go, but once we reach the bottom, the inventory is going to come off pretty quickly.”
Here is what Howard Lindzon says to that:
You could not predict your own birthday at this point!
Why should I trust ANYTHING this turd has to say about invesntory. I can just drive home and see more for sale signs than yesterday and when I stop seeing them increase, I will assume we are getting closer.
Asshat.
Been biking around the Hamptons lately. For sale by borker signs are off the charts. Never seen so much inventory around here.
I live in Merced CA, and we are the nations capital for forclosures a this time. 1 in 60 homes are in some state of foreclosure. We are not that far off from rent values at this point. Maybe 6 months. We are leading the nation however, the coast here is just starting to drop, and probably won’t bottom as hard.