Sit back, pop open a cold one and relax, because (IMO) it won’t get REALLY interesting til the end of the 3rd qtr 2007, possibly the beginning of 2008.
By then:
The last of the exotic financing programs should be officially declared extinct, and
The current batch of foreclosures will be listed for resale, and
The majority of the residential construction that’s going to get done will be done, thereby putting those people out of work to much ballyhoo, and
The YTD statistics for volumes and pricing will make apparent to everyone that 2007 is going down worse than 2006; and more importantly, it will become clear that this is not a temporary blip and things aren’t going to get better in 2008.
