Nouriel Roubini (aka Dr. Doom) Says Housing Market Double Dip Is Here
According to this article, Dr. Doom Predicts Another $1 Trillion in Housing Losses, Nouriel Roubini (aka Dr. Doom) says the following about the US housing market:
- The country’s real estate problems are "underappreciated" and banks could face another $1 trillion in housing-related losses.
- The United States "real estate market, for sure, is double dipping. The apparent increase in prices has been fully reversed, demand is falling, and supply is going to increase."
- Foreclosures and other mortgage loan defaults will cost banks (and the US government and taxpayers) a lot more money.
- The governments' ongoing and incredibly expensive effort to artificially prop up home prices has failed.
- These foreclosures and other financially distressed homeowners will result in a large supply of homes for sale.
- This large supply of homes for sale will drive down housing prices, hence the term "double dip".
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