I saved this quote from early 2008, because I thought it sounded plausible.
“Tue 2/19/2008 10:34 AM
Price declines in real estate
We will see 20% decline in 2008, 14% decline in 2009, 8% decline in 2010. This bust will bleed itself out and then by then credit markets will have stabilized and we can reinject life into the carcass known as “residential housing.”
The automotive market is a slaughter as well. This is not because housing is going down but that banks can’t make the lending profitable given prior criteria.
