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Monday, September 6, 2010

Let Housing Market Crash (I Said This First)

Six months after I proposed letting the housing market crash in February 2010 (see earlier article, bottom paragraph), some economists are picking up the idea.  The Labor Day Monday New York Times has an article quoting some economists as pushing for the federal government to refrain from interfering or trying to stimulate the residential housing market; in fact, their proposals involve allowing the market to essentially crash, so that prices would finally find their true bottom in accordance with real buyer demand (and accounting for the ability of buyers to secure the requisite mortgage financing, if necessary). 

Short term, prices may be ugly, but it will accelerate the recovery by speeding up the process of finding the true value price points for housing.  Only then can a recovery, with true levels of genuine demand which is not dependent on "easy money" and dubious mortgage lending practices, take place.

Eric Dixon is a New York corporate lawyer and president of Eric Dixon LLC. 

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