wwwPosted Jan 1st 2008 5:44PM by Tobias Buckell
Filed under: Economic data, Housing
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Reader Comments (Page 1 of 1)
1-01-2008 @ 6:46PM
william lindblad said...
Interesting opinion and it would probably prove correct is taken as a standalone, which housing is not. One must consider that we are not looking at a "normal" circumstance. For years, housing has been a "roof over your head" and a long term investment, not a commodity market as we have just witnessed. In the past we did not have all of the unique styles of financing with buyers and lenders going far out with potential risk. This risk has evidenced itself in default and writedown - and there is plenty more to come.
I have been a firm believer well before Goldman reinforced this with their 2008 forecast. I think everyone agrees that there will be a slowdown, but are failing to consider that there will be layoffs across the entire economy as so many products are housing related. Credit card and auto loan default is currently on the rise and the economy is 2/3 consumer driven. If you believe that 2008 is going to be a very good year, you have to be a confirmed optimist.