Economic Expert: We Are Already In An Engineered Recession
'We will not recover from this for at least five years. If people
think that housing values are dropped today it's nothing, housing
values are going to go down fifty percent or more from the peak. We're
going to come to a point when condominiums in certain markets are
worthless.
It's not that there won't be buyers out there, there just won't be
credit for them. You're going to have a credit crunch now, where even
if you're qualified you're going to have to have 20% down and even
then you might have a hard time getting a loan at a reasonable rate
for a house.'
