“Biding time till 2009” was the watchword from Mark Grinis, global real estate partner for the Ernst & Young accounting firm in New York.
“I would expect to see a recession sometime in midyear 2008,” he said, acknowledging that he has been described as the “dark cloud” among prognosticators for the past two years.
I totally agree with the recession part. 2009 might the right time for builders to look for land at rock bottom prices to get back in the business. Not so for home sellers or buyers.
