Bulls vs Bears on the Housing

[tefen]

Apparently there was an attempt to bring in economists on both sides of the issue to debate, but the bulls didn't really show up! The single economist willing to take that side only went so far as to say that the hardest hit housing markets would be only the ones that saw the most growth over the last couple years.

Some gems from the article:
"We're facing the worst housing recession in U.S. history," according to Nouriel Roubini, an economics professor at New York University and co-founder of RGE Monitor, an economic research and analysis firm. He predicted peak-to-bottom national home price losses of 30 percent.

and

He placed the real estate slump in the framework of Elisabeth Kübler-Ross' five stages of grief: anger, denial, bargaining, depression and acceptance.... Now, said Ritholtz, "We're in the bargaining stage," where he said we'll promise to never speculate on real estate again if God will only let us sell our properties now.

and

One solution, according to Ritholtz, is to get rid of brokerage CEOs who have a vested interest in holding bad loans they acquired on their watch and replace them with those who don't.

http://money.cnn.com/2008/01/09/real_estate/real_estate_bulls_bears/index.htm?postversion=2008011015

(How's that, WB?)

[Waterbuffalo]

"Bulls vs Bears" is that a football metaphor tefen? :-)

Well I'd like to see some of the schisters on their butts out the door. But really the only way your proposition will happen is if there is a "shareholder revolt" with requisite lawsuit, the government puts them into prison or they just ride out the ENRON wave with the government bailing them out once again?

When are we going to learn?

Guess we'll have to wait and see...

[Chief]

I doubt we will see a 30% slide in home values out here. Our housing market has proven several times that it goes against the national grain on certain trends, and so far the worst of the housing market crisis has passed us by.

Time will tell...

[Waterbuffalo]

" I doubt we will see a 30% slide in home values out here. Our housing market has proven several times that it goes against the national grain on certain trends, and so far the worst of the housing market crisis has passed us by.

Time will tell..."

I don't think I could have said it any better Chief. I'll quote you on this! :-)

[tefen]

Tell me about it, Chief. I popped into Zillow as I do every couple months just to see, and it now says I'm up another $30,000 over what it was back in late November. Someone is still out there paying a lot for houses in our area.

[Waterbuffalo]

I'd like to add the shared wall condo. I have been living in hasn't appreciated more than 10 percent while I was living here. So not all of Clark County is seeing 30 percent increases in home sales prices according to a certain local newspaper over the years..