Barry Ritholtz tells us that the president of the Boston Fed is surprised that housing isn’t recovering.
This is truly bizarre
Like Calculated Risk, my working assumption throughout the housing boom and bust has been that history, if it doesn’t repeat itself, at least rhymes: the rise in housing prices looked a lot like bubbles past, and we should expect the bubble’s deflation to follow past patterns too
that tells us that we should expect a prolonged, grinding decline in home prices, back to more or less their pre-bubble inflation-adjusted levels.
Those who refuse to learn from history …
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