Land-Backed Securities: Time to Bulldoze Excess Housing Inventory?

Yesterday we called attention to a Caroline Baum column on Bloomberg that suggested housing needs an act of God for home prices to recover quickly. Below is an excerpt from her commentary... How I Missed the ‘Housing Recovery’ of 2010: Caroline Baum "The U.S. just experienced the biggest speculative boom/bust in housing in history, a massive outward shift in the supply curve. Anyone expecting home prices to rise in the face of a glut of unsold homes is counting on either an act of God to destroy huge swaths of the housing stock (a shift back in the supply curve) or an influx of new immigrants needing shelter (a shift out in the demand curve.) Neither is likely, although acts of God are notoriously hard to predict." Whether or not Caroline was suggesting we should just bulldoze excess...(read more)

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Source: http://www.mortgagenewsdaily.com/01062011_knock_down_excess_inventory.asp

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