Anyone trying to or needing to sell a home in the next few months will find out what "illiquid" means.
There will be no buyers, but there will be a record number of sellers.
Trust is gone. People can't get financing. The banks want downpayments that people don't have. Jobs are on the line. Even cash buyers will now wait for even lower prices.
For housing prices, get ready for the next leg down. On-the-brink 'homeowners' will simply walk away, while the banks continue to fail, and the REOs and foreclosures hit the market at shocking prices.
Now, it gets desperate. All sellers, no buyers.
You ain't seen nothin' yet.
October 10, 2008
With credit frozen up, the stock market crashing, jobs in jeopardy, and home prices still in freefall, where are the buyers?
Posted by blogger at 10/10/2008