Here are a couple of videos for you today.
First up, Zillow Chief Economist Stan Humphries on Yahoo News:
Here’s the money quote:
We think that the amount of pent-up supply that we have of people on the sidelines, combined with the amount of foreclosures that we have, combined with the current negative equity rates and the foreclosures they are going to produce in the future—all that combines to keep more supply than there is demand for the near term. We think it’s going to take three to five years for us to work through this.
“Pent-up supply,” you say? That sounds like a familiar concept, like one I’ve heard somewhere before…
Next up Aubrey Cohen of the Seattle P-I gets some face time on CNBC’s 4-headed talk-box. Skip ahead to 2:25 in the video to jump past the blah blah about condos in Florida.
Aubrey’s take on the current market in Seattle:
Our prices have been bouncing around pretty much at the same level for nearly a year now. Our sales are up year over year, of course a year ago they were nothing to write about. We’re seeing now some of the fallout hitting some of the higher end, because of condo projects.
I got the impression that Aubrey wasn’t being “optimistic” enough for the CNBC hosts.