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Wednesday, August 05, 2009

Look out below!

Bill Bonner has four reasons why housing prices will continue on their downward slide:

"First . . . . This is a depression. Depressions drag down asset prices. Typically, prices become much more reasonable. And then they reach UNREASONABLE levels. House prices have become reasonable. Now they will become unreasonably cheap…"

"Second, waves of resets and foreclosures are still washing over the housing market."

"Third, incomes are falling."

"Fourth, there are too many houses that are too big…and in the wrong places."

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