Gloomy Future in Housing?

Economist Nouriel Roubini predicts a huge downturn in the housing market:

This morning's data on new homes sales, inventories of new homes and prices of new homes fully confirm and reinforce my analysis yesterday that this will be the worst housing bust - calling it slump is too mild - in decades. And since median home prices may actually fall on a year-on-year basis in 2007 - something that has not happened since the Great Depression of the 1930s - this may end up being the biggest housing bust in the last 75 years, not just 40 years as the Toll Brothers argue or 53 years as Countrywide argues.

He also believes that the housing slump will have a significant impact on the rest of the economy.

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