Jonathan Miller: No Market Bottom Yet

The housing market follows unemployment trends (unemployment and layoffs continue to trend higher), mortgage rates are likely to rise in the mid to long term (the Fed is facing challenges in keeping rates in check as US pumps out bonds to cover the debt), consumer confidence (remains low) and access to credit (banks are not interested in mortgage lending in the current environment because they are in self-preservation mode and are dictating the terms). While we can all probably agree that the worst in housing market's decline is behind us, lets also agree to follow the economy more closely and be patient. Housing will stabilize at some point in the future, just not right now. - Jonathan Miller in The Huffington Post

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