Latest Headlines

Search

-- Posted Tuesday, 20 March 2007 | Digg This Article | Source: GoldSeek.com

Rick’s Picks

Tuesday, March 20, 2007

“Phenomenally accurate forecasts” 

A round of applause for globetrotting guru Jim Rogers, who has forsaken the nurturing bosom of respectability to join the wild-eyed crazies in the housing-bust camp.  "Real estate prices will go down 40-50 percent in bubble areas;” he recently told Reuters. “There will be massive defaults. This time it'll be worse because we haven't had this kind of speculative buying in U.S. history."  

Rogers evidently is putting his money where his mouth is, having listed his $15 million mansion on the Upper West Side for sale. So steeply have New York real estate prices risen in the last couple of years that we’re somewhat surprised to find out that one could still buy a storied mansion in that neighborhood for a paltry $15 million. Even pieds-a- terre are fetching upwards of $20 million directly across the park.

Rogers also said that he has sold out of emerging markets except for China, notwithstanding the fact that he expects markets there to collapse by 30-40 percent. “China is one of the few countries in the world where I’m willing to sit out a 30-40 percent decline.” Say this for the guy, he sounds like he knows what he’s doing. But will American homeowners be able to weather that kind of decline in property values with equal aplomb?

***

Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com 

-- Posted Tuesday, 20 March 2007 | Digg This Article | Source: GoldSeek.com

Previous Articles by Rick Ackerman

© 1995 - 2008

Disclaimer