You are right, Murray. The situation does not look bright, considering the following link: http://money.cnn.com/2008/05/05/real_estate/Bernanke_home_prices_and_foreclosures/
I dont see housing getting any better until the banking industry/ credit crunch is over and turned around. Supply and Demand. If people cant get loans, there isnt demand. In some places house prices are down by 50%. I work in real estate. I've seen more than one person lose everything as a result of this shitty real estate market, believe me for some of us the doom and gloom is well justified.
Toll Brother CEO says, HOUSING DEPRESSION !!! http://www.tradingmarkets.com/.site/stocks/commentary/editorialarticles/-77100.cfm http://money.cnn.com/2008/06/04/real_estate/toll_depression.ap/?postversion=2008060414 LOOK OUT BELOOOOOW>>>>>>> BB
Please read the following & comment: "The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions............................. ..............Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many markets won't hit bottom till late 2009 or even 2010." (http://promo.realestate.yahoo.com/promo/10-fastest-growing-real-estate-markets.html) "Pending sales of previously owned U.S. homes unexpectedly rose in April to the highest level in six months as foreclosed properties flooded the market and drove prices sharply lower, a real estate trade group report on Monday showed. The National Association of Realtors Pending Home Sales Index, based on contracts signed in April and seen as a key barometer of future housing activity, increased 6.3 percent to 88.2 from an unrevised 83.0 in March. Despite the uptick, sales were 13.1 percent lower than a year ago." (http://biz.yahoo.com/rb/080609/usa_economy_housing.html)