This has to be the worst case of shilling I've ever seen. It almost sounds like a paid commercial for the economy. This guy has a PHD in economics and used to serve as the head of the New York Fed Monetary Analysis Staff. He has worked at Lehman, Chase, and Morgan Stanley, and is an advisor on a private investment firm. He is claiming the bottom is here and that, "people are getting into bidding wars." Fear tactics - "get in now before you lose your choice." What the heck??
Maybe the National Association of Realtors paid him to write this piece or something. Alot of the responses seem to be, "are you high?" Nothing against this gentleman personally, but that resume is a laundry list for the same firms that got us all into this economic meltdown in the first place. It's now wonder I'm skeptical at being prodded to spend money into the current downturn, when the economy still is a few months (AT BEST) from stabilizing. This is not comforting, nor a confidence builder, it's insulting.
http://seekingalpha.com/article/133530-housing-the-ship-is-turning
<blockquote>
Housing inventories are also falling to levels that will shortly require a rise in new construction. It is conventional wisdom that the housing market will not bottom until 2010 at the earliest, while pessimistic forecasts point to 2011 or even later. We see the housing outlook more positively. Conditions are falling in place for a bottom in housing within months, possibly even in the second quarter.
But as housing scarcities become more common in more markets, bidding wars have already erupted in several markets over the past few months, as reported by the Wall Street Journal last week--many people waiting on the sidelines will be forced to bid or risk missing the bottom in prices and their housing choices.
</blockquote>
Maybe the National Association of Realtors paid him to write this piece or something. Alot of the responses seem to be, "are you high?" Nothing against this gentleman personally, but that resume is a laundry list for the same firms that got us all into this economic meltdown in the first place. It's now wonder I'm skeptical at being prodded to spend money into the current downturn, when the economy still is a few months (AT BEST) from stabilizing. This is not comforting, nor a confidence builder, it's insulting.
http://seekingalpha.com/article/133530-housing-the-ship-is-turning
<blockquote>
Housing inventories are also falling to levels that will shortly require a rise in new construction. It is conventional wisdom that the housing market will not bottom until 2010 at the earliest, while pessimistic forecasts point to 2011 or even later. We see the housing outlook more positively. Conditions are falling in place for a bottom in housing within months, possibly even in the second quarter.
But as housing scarcities become more common in more markets, bidding wars have already erupted in several markets over the past few months, as reported by the Wall Street Journal last week--many people waiting on the sidelines will be forced to bid or risk missing the bottom in prices and their housing choices.
</blockquote>
