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as the stock market hucksters lather up the suckers over
On May 26, 1:00*pm, wrote:
as the stock market hucksters lather up the suckers over meaningless statistics, however in the real world:house prices are still plunging at a 19% year-over-year rate.*This is only slightly lower than the record drop of a couple of months ago *please click on the link for the excellent video. http://finance.yahoo.com/tech-ticker...sing-Not-%22Bo... Housing Not "Bottoming," Says Tilson: Another 10%-15% Drop To Go Posted May 26, 2009 01:54pm EDT by Henry Blodget There has been a lot of talk lately about a "bottom" in the housing crash, but it's balderdash.* As the Case Shiller index confirmed this morning, house prices are still plunging at a 19% year-over-year rate.* This is only slightly lower than the record drop of a couple of months ago, and it shows that housing won't "bottom" for a quite a while. The good news, says our guest Whitney Tilson, managing partner at T2 Partners and author of More Mortgage Meltdown: 6 Ways To Profit In These Bad Times, is that house prices will probably only fall another 10%-15%, which means we're closer to the end than the beginning. Whitney thinks the market will bottom in about another year.* Don't expect a quick rebound, however.* Housing market bottoms don't tend to be "v-shaped."* And there's just too much baggage in the form of over- supply, consumer debt, and ongoing economic weakness to expect a rapid recovery in house prices. Don't get caught in a "chump" rally. Martin |
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