The cover story in the latest issue in BusinessWeek there has never been a nationwide decline in house prices of 25 percent, but "some economists are beginning to talk about it." Actually some economists had been talking about this possibility -- likelihood-- for the last five years. Unfortunately, BusinessWeek, like most major media outlets, chose not to report such views and instead opted to rely on economists who apparently did not understand the dynamics of the housing market.
--Dean Baker
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