Interesting:
“Based on past results, I think I’d rather put my faith in Professor Robert Shiller, who called both the tech bubble and the housing bubble. According to the Case-Shiller Index, home prices have dropped between 25% and 30% since the mid-2006 peak.
According to the Case-Shiller Futures Index — which has performed better than a Jim Cramer appearance on The Daily Show — the bottom of the housing market will occur in late 2010, with further declines of 5% to 25% in major markets.
How can anyone in their right mind say that housing has bottomed, when the supply of new homes is at an all-time high (13 months) and the supply of existing homes is at 10 months? Furthermore, there will be 2.1 million foreclosures in 2009 versus 1.7 million in 2008, and 7 to 8 million more people will lose their jobs in 2009. Housing prices will complete their trip back to 2000 levels.”
