Housing Bust Update
It’s time to check in on the Housing Bust. Stocky’s favorite Economist makes an appearance in a Wall St. Journal article on the “Mortgage Relief Plan”. It seems not everyone’s thrilled with the plan. Particularly people who played by the rules and don’t qualify for any help while their deadbeat neighbors look for a handout.
It’s an interesting article if you have a WSJ subscription but what really caught my eye was a quote from John Husing. He’s a previously Stocky profiled “Economist” from the “Inland Empire” section of California. Apparently one of the areas most effected by foreclosures and the Housing Bust.
Some of his quotes from my previosu post:
‘They don’t get the market,’ Redlands-based regional economist John Husing said about buyers. ‘They don’t understand it. They think prices are too high.’
…
“‘It’s fear,’ said regional economist John Husing of Redlands. ‘People just flat don’t understand this market. If you’re thinking about the biggest purchase of your life and you don’t understand it, you don’t buy.’”
Those damn buyers!!! If they weren’t so stupid we wouldn’t have this problem!!!!!
He, like a lot of “Economists” had been predicting an upturn in the market “soon”. His tune is now changing and he doesn’t see a recovery anywhere in sight.
However, the cause of the problem remains the same:
Mr. Husing is an authority on the Inland Empire, a term coined in the 1950s as the region evolved from an agriculture belt to a suburban sprawl of 48 cities, interlacing highways and grueling commutes. “My sense is that the [rescue] plan won’t help,” Mr. Husing says. “A lot of people made dumb decisions.”
Those Godamn dumb buyers again!!!! But this time they are dumb because they DID buy. 9 months ago they were dumb because they “Think prices are too high” and were NOT buying.
John Husing. Another blowhard with a stack of degrees that I wouldn’t trust to balance my checkbook.