Consensus from the trenches
You may disagree as to how quickly or how far the housing market will decline, but the simple fact is that it is declining, and that is indisputable. The facts speak for themselves. In August, the number of housing starts fell 6%, down almost 20% from last year. Furthermore, the National Association of Home Builders reported that house builders’ confidence was at its lowest since 1991. The NAR even admits that here will be a marked decline in the housing market this year. Now, lenders are admitting it as well now. Dan Amoss, of Strategic Investment, in a posting on the Whiskey and Gunpowder website, reported that, “Five out of 10 lenders say the bust is here.” So, there appears to no longer be any disagreement on the decline actually occurring. The only argument seems to be over how bad it is and how much worse it could possibly get.