What a riveting article from CNNMoney today.  Chris Isidore, CNNMoney.com's senior writer, took a very realistic (if not necessarily cynical) approach to the whole housing mess.  Isidore's opening paragraph (a good reporter sums it up in the opening, right?) is this:

Before you put much hope in forecasts for a 2008 rebound in the battered housing market, consider this: A year ago at this time many top economists were looking for that recovery to begin in 2007.

The rest of the article is well written with good support to bolster this idea that it's...um...stupid...to blindly believe the so-called experts (especially the ever-optimistic NAR...but that's my two cents).

Here's the full article worthy of your time: http://money.cnn.com/2007/12/28/news/economy/housing_forecasts/index.htm?postversion=2007122811

Here's the prediction I'm most interested in seeing play out.  The second to last paragraph suggests that Fannie and Freddie are in deeper doo-doo than they let on (gosh, wouldn't that be a surprise...).  Will they need a bailout "despite stock sales that executives say have raised the capital they need to weather the storm"?