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Tuesday, May 10, 2011

Housing Double Dip Is No Surprise

 The mainstream media -- the business end of it -- has caught on to the continuing residential real estate decline, heralding a double dip in housing prices.   The real estate bubble, deflating since 2006 (generally) and even since 2005 in selected markets, continues to deflate.

Crime, Politics and Policy reasoned months ago that this would happen.  See this October 2010 article.  In fact, check out my January 2010 commentary proposing a unique solution that would prop up the residential housing market, reward responsible homeowners and support the supposedly-capital-starved banks...and all without a dime of suckers' taxpayers' government subsidies.

This should be no surprise at all.  There are looming foreclosures, as thousands of homeowners engage in strategic defaults and pocket that money to deploy elsewhere.  There is a large overhang of homes waiting to hit the market.  And all of this is occurring as mortgage rates are below five percent on conventional, fixed-rate 30-year loans.  One can imagine the effect on prices when foreign investors stop buying Treasuries and the interest rates skyrocket.

Eric Dixon is a New York lawyer, strategic analyst and litigation stress consultant.  Mr. Dixon is available for further comment at 917-696-2442.   

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