I don’t agree with everything David Berson, chief economist of PMI Group, says, but hey, we’re fair and balanced.
Berson forecats the housing market will rebound before jobs do, and he expects home sales to puckup this year, and prices to bottom for most of the U.S. in early 2010.
4/1/2009
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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April 6th, 2009 at 2:55 pm
After reading STEVEN GJERSTAD and VERNON L. SMITH in the Journal this morning I would say Berson is optimistic at best. Incomes going up????
House prices will be going down for awhile. When the market picks up there are a lot of home to go BACK on the market. We had 4 homes for sale on my street. 2 came off the market because they just postponed their move until things improve. The other 2 have to sell and have been languishing for ages.
Berson seems to be forgetting that people need down payments and financing to buy a home. Good luck with that.
April 6th, 2009 at 3:06 pm
Berson’s problem is that he is comparing this down turn with downturns post WWII. In what way is this economic down turn similar to any since WWII. Qucik answer: None. Please delete this video.
April 7th, 2009 at 3:54 pm
4 hours ago
Foreclosures Worsen, Blocking Recovery
http://www.cnbc.com/id/30089323
April 7th, 2009 at 3:54 pm
How can anyone pick a bottom in housing when we know that if/when inflation gets out of hand, before a significant recovery is in place, the Fed will be forced to raise interest rates… As soon as rates rise, and quantitative easing is backed away from, does anyone actually believe housing will remain unscathed?