Outlook For '08 Predictions: Housing, Mozilo And Buffett
In the spirit of Outlook '08, here are my predictions for 2008. We'll see how I did come this time next year. My personal favorite is number 7!!
1) The housing market will continue to struggle, as mortgage rates and availability fail to improve. Buyers may come off the fence as we head toward spring, but sellers will have to lower prices, and that will only exacerbate trouble with foreclosures.
2) Angelo Mozilo, CEO of Countrywide, will step down, "retire" as the company continues to struggle.
3) One of the top ten public home builders will go under. I won't say which, but it's a company we cover a lot.
4) Washington Realtor Nancy Taylor Bubes will launch a brand new idea on the web that will bring to light immediate changes in local market pricing.
5) Top story for next year? It's still credit. Now, later, and into the future.
6) Green building will continue to flourish with more and more builders concentrating on green standards. New products and materials will come to market, and prices for these will continue to come down as green becomes more and more mainstream.
7) My blog will overtake BuffetWatch!!!!!
8) The Paulson plan to freeze certain subprime mortgage rates will have little effect on the current crisis in credit and will fail to stave off the bulk of foreclosures. We will also begin to hear and see more stories of borrowers trying to game the system and take unfair advantage of the plan.
Questions? Comments? RealtyCheck@cnbc.com