Fannie calls a bottom: late ’08

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News item: Fannie Mae Chief Executive Daniel Mudd gave a fairly gloomy short-term assessment of the housing market yesterday: ‘Home prices, housing starts, home sales and home purchase lending will be down; delinquencies, defaults and foreclosures will be up. We do not expect the housing slump to bottom out until late next year.’

This seems to be the emerging consensus from CEOs and policy makers these days. It differs from the consensus of commenters on this blog, who, if we read them correctly, believe the slump will linger for quite a lot longer than the next 15 months.

That said, your thoughts? Comments? E-mail story tips to [email protected].
Hat tip: Todd in WeHo
Photo Credit: www.fanniemae.com