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

[Skye Sakamoto_IHB]

[snip]

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.

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.

"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.



"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.

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

[snip]

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

skye

 

[effenheimer_IHB]

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

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.

 

[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!