Amy Crews Cutts is the deputy chief economist of Freddie Mac. I have posted many times that housing organizations like Feddie, Fannie, Toll Brothers or the Mortgage Bankers Association of America, don't need economists and that almsot all of them are so biased towards their own industries that what they say is pretty much irrelevant. I think I even blasted Amy Crews Cutts for something she said a few months ago.
Howver, she is quoted at the Western Secondary Conference last week as saying "House prices will continue to decline through 2009, possibly into 2010...We're not at a bottom." That took guts. I agree with her completetly. I still maintain that the hosuing market won't start improving until 2011. See some of my earlier posts as to why I think that.
NOW, before I start getting comments about how I'm a naysayer, and how thinking negatively doesn't help; I want to say that I fully believe that in the current market, many realtors and mortgage professionals are thriving. I also belive that there are small pockets of improvement throughout the country. There are still plenty of transactions taking place, but to think or even say that the overall national housing market is even close to hitting bottom is ridiculous.
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