June 29, 2009
Performance Recoveries Are No Guarantee Of Future Results
“The residential real estate market improved ahead of the end of the past seven contractions, with home construction starts beginning to climb an average of seven months before gross domestic product picked up and sales gaining about four months in advance, according to data compiled by David Berson, chief economist of PMI Group, a mortgage insurer in Walnut Creek, California.”
∙ Housing in Peril as Obama Fails to Get Financing Breakthrough [Bloomberg]
Comments from Plugged-In Readers
an interesting thesis.
however I would argue against using contractions in general to guide us through this contraction.
instead, i would focus only on the patterns of credit-based contractions, such as we have now.
Does this mean I will be able to “scoop up” single family victorians in Pacific Heights for under 1 million by the end of 2010 ?
I am waiting… and waiting… and waiting…. 🙂
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