Why are some Senators and Fed Chairman Bernanke incorrectly characterizing market conditions?
I have seen homes go to pending sale at list prices of less than half of their previous bubble peak sale prices. It is reasonable to offer current market value ( February 2008 ) The misunderstanding that even Fed Chairman Ben, Treas. Secty Paulson and various Senators continue to convey is that prices “may continue to come down” from current levels. These comments do not recognize that current levels have come down in some locations by as much as 50%. Senators and Top level officials that predict declines of 20 to 30% are accurate in the depth of the decline, but not in the timing. The decline has occurred. It is over. The market has corrected. If something is already at half price, it is at half price. You don’t get to use the “half off” coupon twice on the same purchase!!!
