The housing dousing just won’t quit. As we all know, housing, the culprit behind the recent recession, was bombed again last month, with July’s existing and new home sales — versus those in June — tumbling 27.2% and 12.4%, respectively.
One fella pretty much saw this coming. A few days prior to the release of those abysmal housing numbers, Michael Larson, associate editor of the Safe Money Report, a generally bearish investment newsletter out of Jupiter, Fla., fired off a commentary to subscribers in which he took note of the continuing real estate risks and also warned of more chaos in banking.
Given the timeliness of his astute real estate observations, I figured an update was in order. His views merit an especially respectful hearing, what with Larson — a non-household name — having sounded early warnings before most of the Wall Street herd about an impending credit crisis, a housing bust and a big decline in the stock market.
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