Fannie Says Housing Slump to Last Beyond 2008
Submitted by
CalculatedRisk on Thu, 09/27/2007 - 11:46am (26 comments)
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CR,
if i look at your graph on new hsg sales and recessions in the last post: except for the last recession, which was capital spending induced, sales were 600k or so at the entry point of each of the other periods. and, we are obviously well above that now. would you expect us to get that low next year?
OMG Shock! Shock! Is the government actually trying honesty for a change?
The "new normal" is a goofy euphemism. Please don't use it anymore, Mr. Mudd.
--
How about beyond 2011?
The Crooks who rule over Americans have led the foundations for the worst depression in US history. Just wait and watch.
The Vacant Units will suck their owners dry. A housing unit IS a depreciating asset like cars and furniture, according to Adam Smith.
Jas
well, if that photo is any indicator, I would say people are starting to adopt facial expressions more appropriate for the situation.
ruh-roh!
I noticed his incongruent gestures with the words he was saying.
He vigorously shook his head no while saying yes.
Seems like he doesn't believe what he is paid to say to me.
Try 2011 if you believe the Case/ Shiller futures chart.
But this will be the Depression that Bush, Greenspan and Paulson always wanted.
I hope that none of you have a mortgage, because anyone who does will soon be toast.
This is not a War on Terror, this is a War on Us.
Expired
"Moody's Places Countrywide Financial's Servicing Unit on Watch for Potential Downgrade "
Another nail in the CFC coffin.
We didnt go overboard, so now we are in a good position to ask to be allowed to go overboard.
"well, if that photo is any indicator, I would say people are starting to adopt facial expressions more appropriate for the situation."
Oh, thank you for at least bringing a little humor to this grim situation.
Too bad nobody will get up in front of the press and say something like; Was that bubble something? It will never be like that again in my lifetime, but talk about making some serious coin! OOOWWW!!
houston, I don't think sales will fall that far (600K), but it is possible.
Red Pill, very funny! It is a goofy expression.
Best to all.
"I hope that none of you have a mortgage, because anyone who does will soon be toast."
Please explain, Y.S., why everyone with a mortgage will be toast?
The carnage to be felt by then will be one for the history books.
It's easy for him to be negative, his name is already Mud(d).
Morgan Florida:
"Ivy told me she Credit Suisse required her to maintain an overall rating on the builders and she couldn’t simply downgrade them across the board."
So even highly-respected hotshot analysts have to lie.
"The "new normal" is a goofy euphemism. Please don't use it anymore, Mr. Mudd."
Well what do you expect, his name is Mudd!
Sorry I didn't see the previous post re his name is Mudd before I posted mine.
I'm not worred about my mortgage. I own 70K on a house assessed at 200K. It's 2100 sq feet, 4 /3 on 3 and half acres with geothermal and other high quality amenities and a nice location on a hill. Not likely to go under 100 K unless we have a really bad depression. It's assessed value has gone up 20% in the last 8 years. Guess I'm not in one of the hot markets.
"Mudd of Fannie": pure poetry.
Mortgage finance company Freddie Mac will pay $50 million to settle federal charges that it fraudulently misstated earnings over a four- year period.
The Securities and Exchange Commission announced the settlement Thursday. Freddie Mac neither admitted nor denied wrongdoing in the accord but did agree to refrain from future violations of the securities laws.
In addition, three former Freddie Mac executives settled the SEC's negligent conduct charges by agreeing to pay civil fines and to make restitution.
Breitbart.com
Little slap on the wrist, lay low for a couple of years and then it back to the party. Just like the Investment banks after the dot com crash.
With that look on his face, maybe 2008 is when the bottom of his trousers returns to the seat: the old normal.
Of course maybe if your company hadn't turned in an annual report for 3(?) years, you'd actually go to sleep with this look on your face.
2011 as mentioned by several above, based on previous housing booms, seems conservative.
I wonder how far the Fed is prepared to cut the rates to bail out the banks (their pals) and sink the US$? Sure thing to up the inflation. I guess they can continue to under report the inflation .
Marlon Brando in On The Waterfront "I Coulda Been Somebody"
YouTube
- Marlon Brando in On The Waterfront "I Coulda Been Somebody"
The question is not about early 2009, the question is two-fold; 1. how far will prices have fallen by early 2011 to make it impossible for home owners who have PRIME Option ARMs to refinance out of those loans and 2. what will the prepay speed be of those Option ARMs over the next three years. Take those Option ARM resets coming in end '10 & early '11, less prepayments and do the math.
Prime is going to be redefined in 2011 unless someone pulls a rabbit out of the hat between now and then and comes up with some new kool aid for home owners.