Ian Shepherdson Quotes
If these declines were part of the normal economic cycle we would now call for a recession in the U.S., but they aren't. The index is responding to a shock, and we expect it quickly to rebound. 
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Declines | Part | Normal | Economic | Cycle |
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[To be sure,] it would be premature to argue this is the start of a new, hyper-weak trend in home sales... Nonetheless, these numbers do send an unambiguous signal that the housing market is now past its peak.
- Ian Shepherdson
