“This is precisely why Bank of America acquired Countrywide,” he said. “Despite challenges in the mortgage markets, we believe that the U.S. housing sector will be strong again, and that we’ll benefit from leading in this critical product category.”
A husband had just finished reading a new book entitled "YOU CAN BE THE MAN OF YOUR HOUSE" He stormed to his wife in the kitchen and announced, "From now on, you need to know that I am the man of this house and my word is Law". "You will prepare me a gourmet meal tonight, and when I'm finished eating my meal, you will serve me a sumptuous dessert". "After dinner, you are going to go upstairs with me and we will have the kind of sex that I want". "Afterwards, you are going to draw me a bath so I can relax. You will wash my back and towel me dry and bring me my robe. Then, you will massage my feet and hands". "Then tomorrow, guess who's going to dress me and comb my hair? The wife replied, "The fuc*ing funeral director would be my first guess
Actually, the economy is turning now, I live in Michigan and I am seeing signs everyday. People are buying houses in my neighborhood although they are at about 2000 prices.. but the real estate market went up too fast and furious anyway. Maybe the jobs aren't so great here but the freeways are still crowded in early morning commute.
What is the fundamental reason the US housing market will get stronger? Even the housing price going down, nationwide, it is still only down very small percentage. The biggest problem is affordablity. Without subprice and easy money, very few people could afford the current price. Unless the income going up, otherwise, I just don't see any fundamental reason, the housing would get hot again.
Housing should never have been hot, that was fake, after 9-11 the fed lowered interest rates to unprecedented levels... shouldn't have, that cause the housing boom, the housing boom continued when Freddie Mac and Fannie Mae relaxed qualifications for loans. I been in my house since 1993, paid off, and I am looking to buy one or two properties now for renting under Section 8,,
The housing market will get stronger in time.It will just take time.Then no matter what the price is for the homes, BAC will be there with the loans.All in good time. I'm holding and in reinvestment . Best of luck to all.