Chris Martensen linked to this presentation today. He they're about the best collection of housing charts he's seen, and I concur. If you take the time to look through them all you'll see that there are millions of foreclosures yet to occur. As the presentation states, we're still in the "middle innings of the bursting of the great housing bubble."
We have yet to see a huge wave of option-A foreclosures likely to begin in the last quarter of this year continuing through much of 2010. We will also see a large commercial real estate collapse in the eighteen months.
We are not going to see the end of this economic turmoil for another year at the minimum.
T2 July 3