No I am not talking about ice cream…I am talking about housing. Most people seem to think housing is recovering..I live in Las Vegas, so I may be biased. But…
Housing is NOT out of the woods. There is a ton of unsold but already repossessed inventory waiting in the wings. We spent decades creating homeownership where it shouldn’t have existed. It is exceptionally difficult for anyone who is not a wage earner to get a loan. No job, no loan regardless of income or wealth.
It is now the summer buying season, but the action is not there. People need to close to get the kids ready for school in hte fall. Unless July explodes, look for a secong “dip” in housing prices in the fall.
Two dips for the price of one! Thanks Obama.