Bank of America’s Lewis Says U.S. Housing Slump Is Almost Over

[gecko]

Thought this was an interesting quote from a self-serving source found on Bloomberg:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aN64WudO99kM

Bank of America’s Lewis Says U.S. Housing Slump Is Almost Over

By Will Edwards

June 20 (Bloomberg) — The worst U.S. housing slump in 16 years will begin to ease in the next month or two, and job growth will lift home prices and spur construction early next year, Bank of America Corp. Chief Executive Officer Kenneth Lewis said.

“The drag stops in the next few months,” Lewis said in an interview yesterday in New York. “It’s just about to be over. We’re seeing the worst of it.”

Economic growth has been crimped every quarter since late 2005 by the housing slowdown, and new-home starts probably will fall 21 percent this year, according to the National Association of Realtors. A record number of Americans faced the risk of foreclosure in the second quarter because they couldn’t make payments, the Mortgage Bankers Association reported last week.

“We do not see a recession,” Lewis said. “Because that drag stops, you’ll see the economy begin to pick up in the third and fourth quarters.”

[Alex_angel]

How will the economy pick up? I’ll still be making the same salary in the third and fourth quarters as I am now. So will the majority of people. Gas is still high, food is expensive, everything is expensive yet somehow magically the economy will bounce back. With interest rates rising there will be more forclosures, more people waiting to buy a home and a market that hasn’t yet even seen the worse that is coming. What a tool.

[Alex_angel]

How will the economy pick up? I’ll still be making the same salary in the third and fourth quarters as I am now. So will the majority of people. Gas is still high, food is expensive, everything is expensive yet somehow magically the economy will bounce back. With interest rates rising there will be more forclosures, more people waiting to buy a home and a market that hasn’t yet even seen the worse that is coming. What a tool.

[POZ]

Someone is still drunk from the Kool-aid

and he probably has some properties he has to unload and he needs a buyer–Maybe

[POZ]

Someone is still drunk from the Kool-aid

and he probably has some properties he has to unload and he needs a buyer–Maybe

[GoUSC]

It is amazing to me how much bull$*(# get’s spewed by the supposed people “in the know”. Amazing. They make statements and provide nothing factual to back them up.

[GoUSC]

It is amazing to me how much bull$*(# get’s spewed by the supposed people “in the know”. Amazing. They make statements and provide nothing factual to back them up.

[LookoutBelow]

YEP !!! …Its AAAAAAAlmost OVER !!!…

 

let the beatings continue

[LookoutBelow]

YEP !!! …Its AAAAAAAlmost OVER !!!…

 

let the beatings continue

[5yearwaiter]

Yup! It’s almost over our economy. The way it was raised is not happened at wall street too. Daily jump of $1500 to $2000 in the prices. Which stock or which bond name it any such raised. Now at least it has to check back half the way otherwise it is not cool our system where Salaries just same level but housing jump around 220% over all in Southern California.

[5yearwaiter]

Yup! It’s almost over our economy. The way it was raised is not happened at wall street too. Daily jump of $1500 to $2000 in the prices. Which stock or which bond name it any such raised. Now at least it has to check back half the way otherwise it is not cool our system where Salaries just same level but housing jump around 220% over all in Southern California.

[Author]

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