Music To Our Ears

The words every real estate agent wants to hear:

The Housing Crisis is over.

These words were printed on May 6, 2008, in the Wall Street Journal. Music to the ears of Team Patereau, I can tell you.

The main points for Team Patereau included:

• The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.
• ...So what's going to stop the housing decline? Very simply, the same thing that caused the bust.
• The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.
• Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.

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