Housing Meltdown

Wipeout !! To Hit Retiring Boomers Hard: "Home prices could sink an additional 25% over the next two or three years, returning values to their 2000 levels in inflation-adjusted terms. That's even with the Federal Reserve's half-percentage-point rate cut on Jan. 30.

While a 25% decline is unprecedented in modern times, some economists are beginning to talk about it. 'We now see potential for another 25% to 30% downside over the next two years,' says David A. Rosenberg, North American economist for Merrill Lynch (MER), who until recently had expected a much smaller slide."

This sucks muddy rocks big time !