I’ve said this before, and I’ll probably have to say it many more times this year: “bottom” means different things to different people. I’m willing to bet that the folks on this site concern themselves with the “price bottom”, and couldn’t care less about the bottom in residential investment, new home construction, new home sales, etc. On the other hand, economists take the opposing view: if construction and sales stabilize, that’s what matters most to the economy. Prices sliding a couple more years are not that big of a deal.
So, I think that we’ll hear bottom calls starting this year (2008 is likely to be the worst year for residential investment, and 2009 should be better, imho) all the way to 2010 and beyond, when prices will probably bottom out. As long as we’re talking about different things, we can all be right 🙂
