There may be signs of the economy recovering from the recession, but not real estate. Don’t be fooled by the newspaper and NAR articles that say the prices are up and the inventory is down.
That is true for the first half of ’09 but it is going to take several years for the “python to digest the pig” (I would love to see a cartoon of that) but the saying is so apt for the real estate market now. Did you know that Bank of America has over 55,000 properties on its books?
Think about it...that is one big pig that has to go to market! And that is only ONE of the banks. What about Wells Fargo/Wachovia/World Savings, Chase/Washington Mutual or Citibank? Then add in the FDIC which already has over 13 billion in assets and you just have to believe we are going to be eating pork chops for a long time!