Yesterday the IMF report said the bottom is not yet in sight for US housing. The direct implication is that the bottom is not in sight for defaults and foreclosures, either, even in prime assets, and with credit quality declining in credit card and other bundled securities, banks must continue to shrink their balance sheets. We could even get a nasty shock in the form of additional regional banks failures, although over the weekend at least one bank failed (in Nevada) and it didn’t make the national headlines.

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Damian George

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One of the problems I am seeing is that these people who are being foreclosed on will be to purchase a home probably for the next decade. I see a lot of builders in our area moving into apartment construction and multi-unit housing construction. The pool of buyers will be shrinking while inventory will remain high. Which means banks may be forced to relax credit requirements again over the next 10 years.

Others say Florida market may have bottomed - straws in the wind include:
Orlando Sentinel 13 Aug Home sales: Good news peeks out from the gloom
FAR 25 Aug Florida’s existing home sales in July could indicate stabilization
FAR 28 Aug Is this the real estate turnaround

Is that recovery just specific to Florida? Everything else I read about the US in general indicates that there's still a way down to go.

Dear All

Check this website Top Real Estate Markets in 2008 it gives info on each state and summarises the best and worst 25 places in the US for housing market performance.

Anyone who talks about THE US housing market either struggling or booming must be making massive and inaccurate generalisations. It is a huge market made up of thousands of individual markets, some doing well, others not so well.

Regards

Paul

I am looking at Central Florida - here's another view:
The Ledger, August 28 Some Upbeat On Housing: national media missing real Central Florida picture