Housing Recovery – Not This Year!
Warren Buffett
Will the housing market recover this year? Yes, if you believe the ‘industry’ line. Then again, according to the “industry,” it’s been a good time to buy,for the last three or four years! With the government’s big homeowner credits, a slight pick-up in the lower end of the market in San Diego ,and historic low interest rates, the end of equity devastation is relegated to bad dream status.
Now the emminent US business person, Warren Buffett, says the housing market may not bottom until the end of 2011.
Writing about the U.S. residential real estate slump, billionaire Warren Buffett said in his annual letter, dated February 27, to shareholders of his Berkshire Hathaway Inc. , “Within a year or so, residential housing problems should largely be behind us, prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this, there will be a buyer who benefits. Indeed, many families that couldn’t afford to buy an appropriate home a few years ago now find it well within their means.”
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Homes take 18 months on average to work through the foreclosure process.. from those that bought recently, imagine what foreclosures will look like 18 months from now!
San Diego Medical Marijuana
There’s an extremely simple way to avoid foreclosure: make your mortgage payments on time every month. If you are unwilling or unable to do so, then you will lose your house. This is exactly what you agreed to in the mortgage contract that you signed. Expecting the rest of us to “bail you out” is a morally indefensible position.
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