Quote For The Week
Another one bites the dust. Another prediction for a turnaround in the housing market, that is. Back on January 4, White House chief economist Edward Lazear talked to CNBC about the housing slump. From my post that day:
By the way, earlier today Mr. Lazear told CNBC in an interview that the U.S. housing slump was almost over:
The big drain on the economy for the past year and a half has been housing… eventually that is going to bottom out and when that bottom outs, even if it doesn’t expand, it will remove that negative drag on the economy.
Housing has been unfortunately a negative and that should stop probably in the next six months.
While the housing numbers for June aren’t due out for some time yet, I think it’s pretty safe to say at the end of Lazear’s six-month timeframe that there doesn’t appear to be any let up to the U.S. housing bust.
Mr. Lazear shouldn’t feel too bad. He joins a distinguished group of economists, analysts, journalists, etcetera, who have tried, and failed, to call a bottom in the U.S. housing market.
Next, please.
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