Here we are near the end of January 2008. The current market reminds of an old Three Stooges episode where the stooges were plumbers who managed to send water through the electrical system. The old cook in the kitchen pulled out his umbrella as water poured from the overhead light and said, "this place sure goin' crazy."
That pretty much sums it up. Today, Merrill Lynch forecasted a 25-30% drop in housing prices in the next few years. At just about the same time, I watched and listened at a local event as the Chief Economist from Bank of America said home prices should stop dropping in the Daytona Beach market within a few months. (see more here).
These people should be like the rest of us and just say, I don't know! The next few months should tell the story.
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