Housing Market Double Dips - John Rothe | Portfolio Manager, Quant, Tech Geek, And Sometime Superhero To My Kids

Housing Market Double Dips

I’ve been saying for months that housing will continue to decline. It’s now official that the housing market has hit a “double dip” – meaning after a brief rebound, housing prices are now lower than they were in 2009. What really stands out to me is over 1/3 of properties on the market are bank owned.

At the start of the year, banks were increasing staff to get these foreclosed properties off their books as fast as possible. I expect these banks will be accepting offers way below market in order to sell them quickly – thus causing overall prices to continue to drop.

Larry Kudlow over at CNBC hosted a discussion on this topic last night. Watch the video to hear both sides:

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