David Rosenberg: Housing Double-Dip Straight Ahead
December 30, 2010
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[I've been bombarded by negative stories about the expected double-dip regarding housing prices in recent days, so I thought I'd pass along a couple of them.]
David Rosenberg: Housing Double-Dip Straight Ahead
Housing is very likely to double-dip, says David Rosenberg, the economist known for calling the original housing crisis in advance.
The Gluskin-Sheff economist says that all of the government efforts to arrest the downturn “merely distorted” the reality of the 3.7 million homes waiting to be absorbed by a weak U.S. economy.
“Here we are three to four years after the initial detonation, and we’re still left with this gargantuan inventory,” Rosenberg told CNBC.
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Roubini: Housing Market Already in Double-Dip
Recent numbers for the housing market don’t show much room for optimism.
Indeed, "It's pretty clear the housing market has already double dipped," star economist Nouriel Roubini tells CNBC in a text message. "And the rate of decline is stronger than in previous months."
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Shiller: Second Recession Possible, Triggered by Weak Housing
The housing economist who predicted the massive housing crash sees a down year ahead and, worse, believes that renewed housing problems could trigger a second recession.
“It’s not entirely clear that this is a double-dip in housing, but it’s starting to look like housing is beginning to resume the downtrend from 2006 to 2009,” says Robert Shiller, Yale professor and co-creator of the S&P/Case-Shiller Home Price Index.
The latest Case-Shiller numbers show prices fell in October, down 0.8 percent from a year ago. Some metro areas are just now recovering to prices they saw a decade ago, while others — notably Detroit — are struggling with catastrophic price declines.
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