Thank you for sharing Rich. Naturally, BofA is a lender in the mortgage market. Therefore, this BofA economist has conflict of interest up the wahoo!!! Which agrees with what we were talking about yesterday, of how media outlets keep asking these questions to “experts” who have all the incentives not to be objective. The real experts, I’d argue, are scholars who are not funded by the RE industry and who conduct independent research, such as Leamer or Shiller.
OTOH, defining what soft vs. hard landing is, is very subjective. A 15% drop in nominal prices in 1 or 2 years may sound “soft” to me, but to a person who makes a living selling or building houses, or financing them, it may feel pretty “hard”.