Bank of America CEO Ken Lewis made some interesting comments on housing yesterday. From MarketWatch.com:
"Housing is the single most important factor," Lewis said. "Housing may be bottoming. We're looking for house prices to stabilize. So the first sign of an improving economy would be that housing is stabilizing.I love the logic being used. I'm sorry, but I pay close attention to housing data. There is no sign of a bottom occurring in 2009 (except in Arizona and Nevada). This is just another example of wishful thinking among people who want there to be a bottom in housing. Financial professionals have been predicting a bottom since 2005, yet they keep being wrong.