With thinking come murmurs of my mind

Housing recovery will depend on bitter medicine. (Flickr photo by aussiegall)

Experts cannot agree on how long housing’s crisis will continue or how to fix the problem.

You may have noticed  my characterization of the situation as a “crisis,” and certainly everything that has happened in housing in the last three years has been tragically dislocating to millions of families and profoundly harmful to the economy. No one knows when it all will end or even how bad things will be when it’s finally over.

The effects of the bursting bubble have thrown lives into chaos and helped make a shamble of the economy, and that’s where the word “crisis” comes in. Whether ameliorating the crisis means that the nation will–or should–return to 68-69 percent home ownership is another matter on which I have written and will consider again below

Meantime, allow me to quote some of the sources in the Bloomberg piece that I mentioned in my post yesterday. For example:

Morgan Stanley housing strategist Oliver Chang:

Whether it’s the sidelined, shadow or current inventory, the issue is  Continue reading

A Times real estate column gets it right. Finally.

Flickr photo by Big Fat Rat.

Reading the business section of yesterday’s New York Times, I found myself nodding in agreement at a column written by Damon Darlin.  The headline was “Great Time to Buy (Famous Last Words).”

As any regular of this blog knows, I have so many pet peeves that I’d need a whole zoo to contain them. Mr. Darlin mentions one that looms large just inside the entrance of my teeming zoo and represented in the photo above:

“‘IT’S a great time to buy a home.’ Continue reading