The end in sight?
So says a Merrill Lynch economist:
. . .In other words, builders have managed to pull the growth rate of new housing supply below the prevailing growth in new demand. So, we can now say with a reasonably high level of comfort that we are hopefully entering a new and final chapter of this unprecedented decline in residential real estate prices.
But make no mistake – it is going to be a very long chapter. . .
Rosenberg has been a bear for some time. A friend of mine who works there told me Rosenberg’s negativity was not popular in years past. Now he’s the guiding light.