If he and the homebuilding executives are assessing the market correctly, investors will do well to sell into the Katrina-inspired rally and lock in gains. And anyone thinking of buying a house now may wish to think again. The market is as vulnerable today as the last time we had this stretched affordability in 1989, ... It might not be on the same par as the equity bubble in the late '90s, but it's not far off.
More Quotes from David Rosenberg:
The housing market has become so stretched that the affordability ratio for first-time buyers, the folks who drive the incremental demand in the real estate sector, has deteriorated to levels last seen in the third quarter of 1989.David Rosenberg
We have one of the weakest growth rates ever during a tightening cycle, and we have to ask the question why the Fed still believes it is accommodative at 3.75 percent.
David Rosenberg
I thought this was the most amazing thing you could do for people.
David Rosenberg
We estimate the near-term loss in terms of output, employment and income in the affected area coupled with the surge in energy costs that impacts everyone will offset any future rebuilding by a factor of two to one.
David Rosenberg
We think that countries and areas of activity that have been weakest in the last couple of years are likely to see the strongest rebound in growth. Thus, Germany, Italy and the Netherlands should see more marked recoveries than Spain and France, where activity has held up well.
David Rosenberg
Investors should be focused on regions where there are healthy balance sheets and high personal savings rates. Areas where there will be appreciating currencies, where there is pent-up demand and where there is an ability among policy makers to spur that pent-up demand.
David Rosenberg
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