Hope you have a thing for fat girls who can sing..
Lenders Now Say Housing Bubble Exists
Two-thirds of lenders nationwide believe a real estate bubble exists, and half believe it will burst within six months, according to a quarterly survey by Phoenix Management Services, Chadds Ford, Pa. A housing correction would result in a decline of 10%-20% in real estate prices across the United States, according to 93% of lenders polled in the company's Lending Climate in America Survey. "In the minds of lenders, the housing bubble has moved from 'Loch Ness monster' myth status to an economic reality that could have a significant, negative impact on the lives of many Americans," said Michael E. Jacoby, managing director and shareholder of Phoenix. "A year ago, 46% of lenders believed we were in a housing bubble. Today, that number has climbed to 66% -- and many of them believe a correction is imminent and could lead to a drop in housing prices of up to 20%." About 30% of the 92 participating lenders said the housing bubble has already begun to burst, while 20% said it would occur in the next six months, Phoenix reported. When asked which region is likely to be most affected by a housing correction, 30% named the Northeast and 27% named the West Coast. The company can be found online at http://www.phoenixmanagement.com.
EDIT:
Random thought:
One thing, when they talk about property depreciating "housing prices up to 20%", it has to be sold first for that to happen. As long as the local economy holds up, people continue to hold on, and simply sit tight you won't lose. You just will be keeping it for awhile.
Inflation, and a good robust local enonomy are your friends now..
rjp