You have to go back 25 years to find a decline that is as significant on a percentage basis.
More Quotes from Mark Zandi:
So far, it's weakening, not caving. But it's been a tricky policy to deflate housing, not crater it.Mark Zandi
The largest source that drove the very strong growth over the last year was this powerful replacement cycle, which is fading, ... The need to replace inventory is over.
Mark Zandi
That's right where the Fed would like to see it, ... It would take a good year of that level of monthly growth before the job market tightens to the degree where inflation concerns would become more paramount.
Mark Zandi
The unleashing of business pent-up demand will ensure that the U.S. economy's recovery will continue, but the unwinding of consumer spent-up demand will ensure that it won't come roaring back,
Mark Zandi
Consumers will see higher prices on coffee beverages and even chocolate if the raw supplies get backed up at the ports. In agricultural products, prices of cereals and breads could decline. If we can't export the wheat and grain, then the excess supply will have to be consumed domestically, pushing down prices.
Mark Zandi
In November, there will be a lot of ugly economic data out on Katrina's initial impact and that might make it harder for them to move at that time,
Mark Zandi
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