This guy, Keith Jurow, says a big loud NO!
Bill McBride is a very credible economic analyst whom I respect. But he is dead wrong in predicting that the housing market is bottoming. Here is why.
I will not discuss the first part of his claim – about housing starts – because I do not care about that at all. Only economists and Bill think that this is important.
I will focus on prices in major metro housing markets. That is what you really care about, isn’t it?…Housing analysts have been confidently predicting a bottom for the housing market for the last three years and they have been totally wrong. Anyone who acted on their advice and purchased a home has taken a beating. The clamor about a bottom finally arriving this year is just as loud and will be just as wrong.Those of you who have an interest in your local housing market – either as a prospective buyer, seller, or just a homeowner worried about how low the value of your house might go – need to disregard this nonsense about a bottom arriving now. There is no housing bottom in sight.