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Prices are not near bottom. There is still another wave of arms (5yr) set to adjust in 2010/11. Compound this with rising unemployment (more home will be in foreclosure), no/little money to lend to take the current supply off the market. Unemployment is at 6.1%.
This is bullshit, many people do not claim unemployment. It also doesn't consider under-employment, those who have to work 2 or 3 jobs because no one wants the over head of a full time employee. The fdic doesn't have enough money to cover this shit. The reserve is saying just hand over the money fast!
The truth is no one knows what the score is. Because they've so fucked up the system they are pulling shit out of their ass to fix it. Seriously, how many government employees ever work on the weekend? And here you have every fool on earth in there every weekend turning knobs and flipping switches to magically repair the economy. You can't print money out of thin air expect it to retain value.
Its a house of cards. I've been saying this on another forum for years, and always get chided. Now who's laughing?
If the system doesn't collapse, and we somehow retain the dollar. When the dust settles, I'm betting the dow will be in the 6k range and homes have devalued another 40%.
"One of these days we're going to have to wake up,
and I'm afraid that we won't wake up until we are
bankrupt, and we're approaching that time already."
Ron Paul
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