Economist says: Most serious housing downturn since the Great Depression
Mark Zandi, chief economist at Moody's Economy.com, predicted that, if the economy slips into recession or if efforts to modify loans don't pick up substantially, the housing market downturn could last through the end of the decade.
"This is the most serious housing downturn since the Great Depression," Zandi said.
Also, a Goldman Sachs report last month said more than $100 billion in additional bank write-offs and losses are on the horizon due to bad mortgage investments. [tags]real estate bubble, housing bubble, San Diego California real estate[/tags] San Diego California real estate agent
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I wonder what this same economist was saying about the real estate market in 2005. 20/20 hindsight is EZ.
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It seems speculators were first into the dot com boom, when that went bust they moved into real estate and now it seems like they’re moving into commodities.
Anna
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