City Paper is not for tourists
I wish I could have written the article that accompanied the headline above. Better yet, I wish I could have written that headline (It’s sharp, and eye-catching! One for the journalism textbooks!)
Unfortunately, I’m not James J. Cramer. He wrote the piece, published in this week’s New York magazine.
Cramer provides 10 reasons why he believes the market will bottom out at the above-mentioned date. I’ll give you his first five factors summarized, and then you’ll have to click over to the story yourself.
(1) The slide in the number of new homes on the market.
(2)New federal legislation that will stabilize mortgage rates, and hopefully reduce the number of foreclosed homes.
(4)New York, “the last holdout area,” is closing in on its bottom. “When the last areas fall, the bottoming process begins in earnest.”
(5) Fannie Mae and Freddie Mac will be in better shape.
I’m curious what other real estate watchers have to say about this…So, I’m going to try to dig up some local responses in the next week or so. If you want to throw in your two cents in the comments section, I won’t stop you.