Market Mishegoss

Currently, we've abstention. An unintended consequence of the stimulus package, conforming and FHA loan limit increase, etc, is an extended holding pattern. Buyers, seeking optimistic economic news, the valley floor, and the magic handhold--cheaper money/cheaper jumbos, are staying put, implementations tantalizingly close, Fannie Mae the last domino to fall, further strafing an already distressed market. The hullabaloo, or the potential thereof, may be a double windfall for buyers. The lack of activity is pushing some prices still lower, toppling many sellers, undermining others, while discouraging a healthy few.

How long before the new products hit the streets, and will there be premiums or add-ons? Two to three weeks, according to some, and a few lenders are beckoning already. In the meantime, the car continues to idle, even as the tachometer builds. There's either going to be engine trouble, or a heap of burned rubber.