I don’t know if anybody told you this, but the housing market fallout is about over. Oh! and so is the recession.
The CEO of online broker ZipRealty, Pat Lashinksy told ABC News “We’re hitting some trends that show that we may be approaching a bottom, or we may be at a bottom right now.”
Another nameless expert on CBS Radio said it appears homes prices are stabilizing with smaller and smaller month over month declines….
But the best headline of the day belongs to ABC News…
There is a growing belief among financial experts that the recession is over.
Barry Knapp, a strategist at Barclays Capital, wrote recently that the economy appears to be in the sweet spot of a recovery and that the recession may have ended last month, according to Bloomberg News.
Liz Ann Sonders, chief investment strategist at Charles Schwab, said on “Good Morning America” said. “There’s certain indicators we can look at to set the turn, and I think we have seen that turn.”
Many real estate insiders are actually using the words like “normalizing” and “housing market” in the same sentence.
HUD calls housing recovery will happen in 2009
“We are finally beginning to see the seeds of a bottoming [in the housing industry. The U.S. is] at the edge of a major liquidation [in the stock of unsold properties, which may help to stabilize prices].
—Alan Greenspan, May 12 2009
“I don’t know, but I think the worst of this may well be over.”
—Alan Greenspan, October 2006
Consider this golden oldie from David Lereah, the NAR’s chief economist, circa December 2005: “Home sales are coming down from the mountain peak, but they will level out at a high plateau, a plateau that is higher than previous peaks in the housing cycle”.
As Barry Ritholz stated in his blog the Big Picture, why does the public — and the Press — constantly seek out reassurances from the same people who misled them time and again in the past?