From MISH, who called the housing peak exactly, in real time. He is to be listened to on this topic.
This also helps explain the banks reluctance to release the shadow inventory into the market, as doing so would lower prices, further exacerbating the underwater mortgage problems. If banks had to realize losses, they would all fail. Hence, QE to eternity, and a crack up boom in PM prices.
The same Mish that recently said "hyperinflation is nonsense. the Fed would never hyperinflate the money supply."
Guess I'll stick with Reggie Middelton on calling the housing scene from the wide selection of bloggers who are all competing with each other to officially "call it."
Sorry, the shit just gets old after awhile. And Mish might be a smart guy, but he looks like the kind of kid that got his ass kicked during recess everyday. Perhaps this is why. /rant