Fannie Mae weighs in
Daniel Mudd, president and chief executive of mortgage financier Fannie Mae, was in Baltimore today to speak to business journalists about housing and lending. Naturally we wanted to know where he thinks the housing market stands in the slump/recovery cycle, and this was his answer:
"It's very popular right now to say that we're in the third inning or we're in the fifth inning or we've in the seventh inning or all kinds of different places. And I think the reality of it is that nobody knows where we are right now. This is terra incognita. ... We think at Fannie Mae that '08 is going to be a tough year, kind of a continuation of the end of 2007. '09 will be similar, and we'll start to see some recovery and growth in '10."
More on this topic in tomorrow's paper.
Comments
At least he is being truthful...2010 is the earliest anything could better, though my personal view is a lost decade similar to Japans lost decade and lost generation.
Posted by: Kevin | April 29, 2008 4:37 PM