Outside of a few contrarian analysts, most in the economics profession failed to see the U.S. housing market's collapse-not to mention its subsequent effects on global credit markets. A few, who shall remain nameless, even characterized the situation as contained or saw things bottoming out "soon". Now more than two years later, we're still stuck with major declines in house prices, sales and construction activity. So the question now becomes after enduring all this pain: when will some of our hardest-hit consumer sectors (i.e. housing, autos) stop falling off a cliff and maybe begin to rebound? The answer, according to the observations at the CalculatedRisk blog: "soon".

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