San Diego has a least a years supply of housing and we suspect there is a lot of housing not even on the market that will be becoming on the market. The problem is, the buyer pool can not qualify for the mortgages. The demand is there, but the salary power is not.
Gary Shilling's 2009 Predictions More of the Same Pain: Tech Ticker, Yahoo! Finance
Gary Shilling's 2009 Predictions More of the Same Pain: Tech Ticker, Yahoo! Finance
If you're betting the economy will recover in the second half of this year and should be buying stocks now in anticipation, economist Gary Shilling, president of A. Gary Shilling & Co., isn't your guy. Shilling -- author of the popular INSIGHT newsletter -- says the recession will run for the duration of this year and stands by a forecast for the S&P 500 to hit 600 in 2009.
A recovery isn't likely until 2010 -- at the earliest -- says Shilling, who is effectively doubling-down on his 2008 predictions, which proved eerily prescient.
Shilling is bullish on the dollar and cautiously optimistic about high-grade corporate debt, but doesn't see much to be hopeful about from the long side in 2009.
