Quote:
Originally Posted by jch928
So if this actually happens, what do you think will happen to the housing market there? Will there be a huge inventory of homes for sale and/or a big drop in prices?
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Consider the inevitable: You have buyers in the market with a choice of inventory, which do you think they'll buy? A lender-owned property at a big discount or one owned by a private party for near full price? What would you do? In California, unsold inventory has grown by over 100% in one year. Thus far, there has been limited price damage because almost all of the properties for sale have been privately owned. In 2007, that will change. The new inventory for sale will consist of lender-owned properties, builder auctions, and short sales. All of these sellers will be selling to a less motivated, smaller group of less-able-to-qualify buyers.
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Well it's about time
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