I posted this on July 14th, 2011.
Bernanke says home price stabilization necessary to wo buyers
In my humble opinion the problem is with the lending "establishment". They are stingy with loans and very slow in their approving of short sales.
And they created this fiasco in the first place.
In over 30 years in Real Estate I have never seen anything like this. Additinally there isjust too much inventory to stabilize anything.
Come on lenders; get real already!!
I am posting this today, November 19th, 2012; seems as though nothing's changed except inventory; in SOME markets it is low and in others still high.
Mortgage Lending Standards Too Tight, Bernanke Says
Mortgage lending standards are preventing responsible would-be homeowners from purchasing homes, said Federal Reserve Chairman Ben Bernanke last Thursday.
Bernanke said that while tighter standards were appropriate after the financial collapse, "at this point the pendulum has swung too far the other way, and that overly tight lending standards may now prevent creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery."
While Bernanke said the housing market has made recent strides, he was cautious to add, "The housing sector is far from being out of the woods."