August 28th, 2009 11:59 PM by Eric Fang
I got the following from my favoriate National Mortgage News Column Writer Paul Muolo:
I have horrible news for all of you: the housing industryis about to fall off the cliff again. How do I know? Because CNBC's stock picker James Cramer wrote a column this past week entitled "Housing Is Back, Despite Media's Worries."
As you well know whatever Mr. Cramer thinks/suggests the opposite happens. Who knows, maybe he's right this time. But what really drives housing? Answer: Employment.
This past week a University of Michigan report said U.S. consumer confidence fell to its lowest in four months in August on worries of - you guessed it - high unemployment and dismal personal finances.