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Housing “Worst Since Great Depression”



{File under, Not So Great Depression, Placeless Living, Hobo Code}

NEW YORK, Nov 15 (Reuters) - Wells Fargo & Co (WFC.N: Quote, Profile, Research), which has sidestepped many of the credit and liquidity problems plaguing U.S. mortgage lenders, believes the nation’s housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said on Thursday.







8 Reader Responses

  1. Tim Boucher Says:
    November 16th, 2007 at 6:33 pm

    The reason this article exists can be found within these keywords:

    “has sidestepped many of the credit and liquidity problems plaguing U.S. mortgage lenders,”

    That’s Invertising!™

  2. Julia Says:
    November 16th, 2007 at 9:42 pm

    He should share his sidestepping moves with these people.

    http://www.msnbc.msn.com/id/21840886/

    http://www.msnbc.msn.com/id/21773482/

  3. JK Says:
    November 17th, 2007 at 1:58 pm

    Just an FYI update from a friend. K’s house has been on the market for about a month. Four people have looked at it so far. Seattle’s market is “still strong” however, chirp the media.

  4. Tim Boucher Says:
    November 17th, 2007 at 11:51 pm

    I imagine a city like Seattle will be incubated from anything that befalls the rest of the herd.

  5. JK Says:
    November 18th, 2007 at 12:25 am

    Yeah but, four lookers in a month. Last summer etc, houses would get lapped up in the first week and sometimes within a day or two. If there is an incubated market here, it certainly is waiting for a pretty little chicken to hatch before it decides on an egg.

  6. Tim Boucher Says:
    November 18th, 2007 at 12:17 pm

    Well my bro’s house in Pittsburgh sat for over a year, as far as I know. A month is not bad. It’s all those damned condos they’re building that’s ruining shit… or at least partly.

  7. Julia Says:
    November 18th, 2007 at 1:52 pm

    It’s all those damned condos they’re building that’s ruining shit… or at least partly.

    Hey, that’s all I can afford.

  8. Tim Boucher Says:
    November 18th, 2007 at 1:59 pm

    Right, and that’s how they sell so many! It then artificially concentrates people and wealth into an eco-social ecosystem that is not prepared to handle it: it causes a spike, and then a crash and the area is blighted for the next 15 years until the next condo revitalization… Happens so many times it’s painful to watch the cycle unfold again and again



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