Mike Norman, founder of the Economic Contrarian Update has this to say about the housing market back in 31st Dec 2006:
Question: What is your opinion on no-money-down housing developments, like those going up in the Poconos? — Scott (Fair Lawn, NJ)
Mike Norman: Scott, I think no money down is great. It's one of the ways that Americans are benefiting from trends like globalization and the rising use of technology. By lowering capital costs we have access to more credit and that helps the real estate market. As long as we don't enact policy that harms these macro trends, then there is little risk in these highly leveraged loans. As for the Pocono developments themselves, they may have run up too far too fast just as most other properties have, but long-term they're fine.
Mike Norman, again on Fox news, expounding his ever-optimistic view of the housing market. He might as well be renaming his company to the Economic Optimist instead.