From today’s Ventura County Star:
Countrywide Financial Corp. said Tuesday that its second-quarter profit shrank by nearly a third as softening home prices led to rising delinquencies and mortgage defaults among the most creditworthy borrowers.
“Looking to the second half of 2007, we expect difficult housing and mortgage market conditions to persist,” he said.
Mozilo said he doesn’t expect that the market will turn around until 2009 at the earliest.
The only thing missing are quotes from a realtor telling us not to worry that this is just a minor market adjustment and now is a good time to buy because the housing market will be strong again very soon.
