Thursday, August 14, 2008

Greenspan: Try, Try Again

The Ayn Rand disciple tries prophesy.

Greenspan's first Real Estate bottom calling attempt came in late 2006 "I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out. I don't know, but I think the worst of this may well be over."

He repeated the calls many times since then. Most recently, in April 2008, when he said "the drop in U.S. home prices will probably end well before' early next year as the number of houses on the market diminishes, aiding an economic rebound."

Now, Greenie is pushing back his bottom call into 2009: "Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview

Easy Al's Easy Prophesies. Only 25 cents at the State Fair booth...

HT: BigPicture

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