Only RE prices can do the real work in reducing inventory and getting sales going again. Homebuilders and owners will realize this as we get to the end of the rope. There is nothing else left for the feds to poke at!
Buying down mortgages will complement today's action but affordability is a multi-edged sword and financing terms are only one part of the new era in home ownership affordability.
Note that the W Hotel is beginning to show the cracks discussed before. Fortress in trouble, Applied caught in the downdraft, Hoboken city taxes making up the gap and Wall Street bleeding quietly but hard.
1125MP is going on sale as fast as it closes. Sounds like too many decided to hang on rather than walk away! The more stories like this appear, the longer this RE depression will linger - 2010 or more.
The feds are scared by the new mortgage onslaught at the doorstep. And these are decent credit borrowers!
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