while there’s no contradiction necessarily between saying “the worst is over” but “there’s anothe r leg coming down”, it oes kind of smack of having omnipotent knowledge. Just liek it’s very hard to call lows and highs in any investment area, it’s kinda hard to know when the worst is over until it is, and generaly spekaing, people are wrong about timing. if more losses are coming it’s difficult to quantify them, Also, i dont know the numbers but losses going forward from here might have a devastating effect on the market, since the farther down we go, the greater the pool of homeowners who suddenly become underwater. they may have been able to say to themselves previously, well, those were the pretend gains that were lost, but as or if 2001, 2000, 1999 homeowners fall into breakeven territory, could the feedback loop that tends to infect markets, and causes irrational behavior to the upside, maybe swing in to the downside. i dont think it’ contradictory to say the worst is over while more pain is coming…just…well…impossible to know…
