Sunday, May 9, 2010

Peter Schiff Stay away from the housing stocks

Peter Schiff on the Mangru Report 08 May 2010

Peter Schiff : I do not think that the market (real estate market0 has flushed out yet , I think the government is preventing it from happening , you got all these subsidies still in the housing market interest rates are still artificially low which is making homes appear affordable when they are not , you have a lot of banks that are not foreclosing on properties that should be foreclosed on , and a lot of property that has been foreclosed on is on on the market for sale , you have a huge shadow inventory on properties that have not hit the market yet , you still have subsidies for first time home buyers not only on the federal level but on the state level "
"Stay away from the housing stocks or the home building stocks "

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