tag:blogger.com,1999:blog-6492542366661862113.post7885656463885420170..comments2023-10-31T01:32:09.169-07:00Comments on The Housing Time Bomb: Meredith Whitney on CNBCJeffhttp://www.blogger.com/profile/04450070920047311928noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6492542366661862113.post-48272264954957729212008-03-31T21:14:00.000-07:002008-03-31T21:14:00.000-07:00Thanks avl Yeah I agree. Anything financed in ge...Thanks avl<BR/><BR/> Yeah I agree. Anything financed in general is going to suffer. The great thing about areas like Detroit is houses are only 30 grand now!<BR/><BR/> Hopefully this will give some low income renters an opportunity to afford a house.<BR/><BR/> I am afraid Detroit may be a look into the future of the housing market in other parts of the country. There is simply too much inventory!Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-74701155685614651182008-03-28T18:13:00.000-07:002008-03-28T18:13:00.000-07:00Meredith was enlightening. Jeff, remember when I ...Meredith was enlightening. Jeff, remember when I said weeks ago that the credit crisis could be visualized as “multiple, chaotic waves from a slowly-unfolding massive disruption in the oceans...where the waves roll and roll, ocean to ocean, interminably seeking an elusive equilibrium” The waves aint so scary when viewed from afar but frightening when forming tsunamis on one's own beach/harbor.<BR/>Well my colleagues in financing affordable rental housing via low-income tax credits are getting hit with bad waves. Neither Fannie, Freddie, Citi nor most banks are posting enuff profit to need such tax LIHT credits, so the credits go unsold or under-priced.<BR/>If Meredith is correct on the banks’ write-down-driven losses, this is going to be a long winter for tax-credit financed affordable rental housing.<BR/>Good news is that in cities with tremendous foreclosure rates (Detroit, Cleveland, Baltimore), they are buying the houses and land-banking them for future affordable housing projects.<BR/>Kinda Yin-Yang.Avl Guyhttps://www.blogger.com/profile/12298355297869341807noreply@blogger.com