The Real Deal Miami

Get ready for round two, says economist who predicted 2007 U.S. housing declines

December 27, 2010 04:09PM

“The potential for a significant down-leg in home prices is being underestimated,” David Rosenberg, chief economist at Gluskin Sheff, wrote recently. In an interview with CNBC this morning, Rosenberg, who was among those who correctly predicted the decline in U.S. home prices in 2007 and 2008, reiterated that point, noting that “housing seems to have gone on the back pages” amid the country’s many other economic and political struggles. “Here we are, really three to four years after the initial detonation and we’re still left with this gargantuan inventory,” he said.