David Berson, Chief Economist at Fannie Mae is Not Worried About Crash
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Damon over at The Walk Through has this observation about the real estate market through the eyes of a man who is an expert at watching real estate trends.
David Berson, the chief economist at Fannie Mae, isn’t getting gloomy about the housing market. In an interview during the Nightly Business Report on PBS last night, the economist said real estate sales will slow and prices may not climb, but that’s only because investors — what many would call speculators — are dropping out of the market. But crash? No way, he says. The Walk-Through
We tend to get so hyped up about the horror stories that are out there that we forget that markets come and go, and a little patience in real estate (and investing) goes along way. It is no fun when circumstances force you to sell into a soft market, but the reality is that sometimes it happens. The majority of people will watch this correction of the housing bubble and watch it pass on by.
Damon is doing a great job with this site. Go take a look.
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Comment by Richard Wicks on 2 April 2007:
Fannie Mae hasn’t filed an earnings statement with the SEC, as required by law incidentally, since 2004. Any other company that was so deliquent would have been been removed from the stock exchanges.
I wouldn’t trust anybody there. They are no longer a Government Sponsered Entity - they are just a group of criminals that are being protected by our corrupt government.
The “errors” in accounting makes Enron look trivial. It’s at least twice as bad as Enron, and probably closer to 4 times. Together with Freddie Mac, they control over 1 TRILLION dollars of real estate debt. The two companies put together, are worth less than 100 billion dollars. They are already both insolvent.
Social programs are a great thing, as long as corruption isn’t part of it. Franklin Raines should be in jail - but he’ll probably die mysteriously like Ken Lay…