Writer/Trader Says Real Estate to plummet 70%

Interesting Depression & Period of Living Without – Rick Ackerman | Greg Hunter's USAWatchdog: Is real estate a safe bet? Ackerman says, “When real assets start to sink like real estate, what are you going to do? Are you going to send mortgage checks out on behalf of homeowners to the lenders? . . . . You’d have to be crazy to think when real estate opens up it will be trading at the prices in February. We will get a 25% haircut from the get go . . . because we are going to have to deal with a lot of speculative excesses. . . . Minimum, it will be down 25%, which will bring us close to the 2007-2008 where real estate across the country lost about 33% of its value. I have been saying for a long time that real estate will sink 70% with maybe a 90% drop in second homes. Everything has come back from the last time, but I think we are going to do the whole 70% drop in value this next time.”