These are the opinions of Robert Sheridan, CEO of Sheridan & Partners, a Chicago-area real estate & development company. Their site is www.sheridanpartners.com/market.php.
A Bad Thing for Housing Gets Worse
The lead article in the 8/4/08 issue of The New York Times by Vikas Bajaj, “Housing Lenders Fear Bigger Wave of Loan Defaults,” comes as no surprise. Bajaj’s reporting illuminates a problem that has been apparent for a long time: foreclosures will be greater than recent estimates (now, even homeowners with good credit are finding themselves caught up in the morass) and price declines are likely to be deeper.
What is not immediately as obvious is that this bigger-than-expected wave of defaults will likely push “the bottom” out further. It’s hard to see it occurring in most markets before 2010.
Our country is in for a huge awakening. The worst is yet to come. Distressed individuals have not tapped out all of their financial resources as of yet. Wait 9 to 18 months from now, our nations economic landscape will be crazy.
Jamie
of CA
@
Aug 20, 2008 12:38:16 PM
Foreclosure
It's an election year, which perhaps creates the "crisis" mentality.
Mike
of TX
@
Aug 20, 2008 11:12:43 AM
Pretty low numbers
The worst of the rates is less than one percent. When you get to number 10 it is less than .2 percent. Makes me wonder if this is really the crisis it is portrayed to be.
seth of NV @ Sep 27, 2008 15:53:41 PM
Phil Collins of IL @ Aug 27, 2008 13:15:16 PM
Jamie of CA @ Aug 20, 2008 12:38:16 PM
Mike of TX @ Aug 20, 2008 11:12:43 AM
Jon of TX @ Aug 20, 2008 10:57:41 AM
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