Housing's Pain Not Easing
Lavorgna, speaking at a real estate conference in New York City on Thursday, said most of the direct hit from housing has already been felt, at least in terms of its drag on economic growth. His comments came before Thursday's government report on third-quarter gross domestic product was revised upward to 4.9%.
Lavorgna expects housing to bottom by the second quarter of 2008. He also argued that the approximate $400 billion of resets in adjustable-rate mortgages next year will hurt banks but will not affect household consumption.- Loading Comments...
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