Friday, December 14, 2007

Late '09

At the earliest.

WASHINGTON (AP) -- Fannie Mae's CEO told shareholders Friday he does not expect a housing market recovery until late 2009, "at the earliest," and that the mortgage-finance company is strong enough to ride out the downturn.


This should only be surprising if you believe that God and Nature have determined that home prices rise every year. Home prices were pretty much flat through much of the 90s, not returning to their earlier peak until '00 or so