The Housing Bust Isn't Over, We've Got 2 Or 3 More Years Of Pain
On shadow inventories and foreclosures, Rosenberg told Bloomberg:
I estimate that there is between two and three million excess housing units on the market for sale when you count in all the shadow inventory, so you're talking about at least another two or three years to clear the inventory and put a definitive floor under home prices.
There is no question that the decline in home prices is decelerating. Some people are claiming victory, that we've actually put a floor under home prices permanently. I'm not so sure about that.