A prediction on home prices
Irwin Kellner, chief economist for MarketWatch, in an opinion piece on the housing market today, predicts that the buyer's market could turn in favor of sellers "before you know it":
I would agree with those who say that it will take many months before balance is restored between supply and demand. There are simply too many homes for sale at asking prices that are still too high for housing to do a 180.
Nor am I expecting another housing bubble to form, not in this decade anyway.
All I would like to point out is that, in broad macro terms, the average house is no longer as overpriced as it once was. That being the case, it is no longer prudent to assume that home prices have to fall a lot more before they stabilize.
All right -- your turn to opine:
UPDATE: Of the 47 who voted as of 7 p.m. today, 26 percent of you think 2010, 23 percent of you say 2009 and an equal percentage say 2011. Nineteen percent chose the "years from now" option, and 9 percent picked this year.