CHESSNOID

The housing news again wasn’t a positive story today. Bloomberg’s headline U.S. Stocks Fall, Led by Financials; Countrywide, Lennar Drop is a good summary of what happened. The 3 market indexes I follow stayed in negative territory all day. I don’t think too many positive stories about housing can come out at this point. We seem to be entering the big drop phase. On DR Housing Bubble’s Blog he wrote a post that made me wonder where this economy is really headed for. Could the near future be worse than 1929? I am a long term investor but even I must wonder if I should lock in my long term gains now and wait. I was thinking dow 15,000 by the end of this year, but then reading this article gave me serious pause. It could be dow 5,000 at the end of the year. Who really knows? What to do?!

I found this site that just tracks Countrywide’s foreclosures for sale and the last count shows they have 11,340 in their inventory. That is actually a scary number. And I think it safe to assume that number is not going to get smaller anytime in the near or long term future.