The Housing Crisis is over

From today’s Wall Street Journal - an interesting attempt to sight a bottom for the US housing market…

That’s all you need to hear - imagine ireland with below 4% of GDP in residential construction. Ouch

That would be circa 11% of our GDP wiped out from 06. It would mean just circa 24k housing starts. That is not outside the bounds of possibility next year. We are on target as it is with just 2k housing starts a month at the moment.

Where’s Perry Como when you need him?

Catch a falling gaffe an’ put it in your pocket,
Watch your money fade away!
Catch a falling gaffe an’ put it in your pocket,
Nothing for a rainy day!

wonder what his trading book positions are showing at the moment…

shorting what to carry what forward…hmmm…i smell a rat!

Calculated Risk discusses this piece.

Meaning it’ll take ye 5 years to clear the backlog of empties!

Does nobody learn how to think, count, and reason any more? I despair.