Over the past year we have watched the stock market dive, while real estate has made a few interesting moves as well. So many "experts" have announced that we have hit bottom and there is nowhere to go but UP from here on out.
Let me state my position on these matters. Look out below! There is a huge crush of foreclosures yet to come on the market. With the lenders scurrying about trying to hide and/or shift their bad loans from one department to another, and the government's misguided efforts at "saving" homeowners whom should not be saved, all we really have is a guarantee of a dragging out of the process.
Homeowners whom modify thier loans to reduce their payments but still owe $500k on a now $250k house are going to eventually wake up and smell the coffee. And the lenders whom have played this bad asset shell game will shortly run out of options. Soon, the masses will cry out - "The Emporer has no clothes!"
..and then, Look out Below!
