How can he say this stuff with a straight face??

[Skye Sakamoto_IHB]

[snip]





<em>Home repossessions in the United States are having little impact on the fundamentals of the housing market, but the subprime crisis will delay a rebound in housing prices, according to U.S. property firm Coldwell Banker.</em>

<p><em><a href="http://money.cnn.com/2007/08/17/real_estate/bc.property.coldwell.reut/index.htm?postversion=2007081706" target="_blank">Jim Gillespie, president and chief executive of Coldwell Banker Real Estate, said foreclosures were adding a relatively low number of homes to an already oversupplied market.</a></em></p>

<em>"This added inventory would likely equate to at most a one-month increase in supply," Gillespie said in an e-mail responding to Reuters' questions.


</em>

<p><em>"I believe the subprime problem will not significantly hurt the real estate market. It may delay the rebound, but it will not cause a downturn," he said.</em></p>

<p><em>"Remember, most who took a sub-prime mortgage before 2005 enjoyed strong appreciation and many have income to support a higher mortgage payment."</em></p>

<p>[snip]


</p>

No wonder the average person doesn't understand what is going on out there!





skye

 

[effenheimer_IHB]

<p>I used to get mad at spin like this. Now that common sense in lending has made a comeback, I ignore it.</p>

<p>No amount of hot air from a Realtyclerk® is going to create demand. Create desire, maybe. But desire without ability does not equate to demand. </p>

 

[IrvineCommuter_IHB]

My favorite quote from the article:





"Remember, most who took a sub-prime mortgage before 2005 enjoyed strong appreciation and many have income to support a higher mortgage payment."





Wow. . .I didn't know that people increased their income by 200-300% in the last three years. . . cuz that's how much monthly payments have gone up by!