Photo: Bloomberg via YouTube
Michelle Meyer and the rest of the economics team at Bank of America Merrill Lynch surprised Wall Street a few weeks ago when they announced that housing would bottom this year, a sharp change from the much more bearish tone they held for so long.More and more economists seem to be willing to call the bottom this year as well.
But Meyer can’t reiterate enough that their call doesn’t mean there will soon be a sharp upswing.
From a recent Reuters report:
“This gradual healing is encouraging, but we must tread carefully as the housing market is still far from a robust recovery,” Michelle Meyer, an economist at Bank of America Merrill Lynch in New York.