They don’t call him Dr. Doom for nothing.
Nouriel Roubini is out with a call for another $1 TRILLION ins housing-related losses. He tells Dealbook that real estate is “for sure” double dipping now (a call that seems clearly supported by the latest Case-Shiller data, among others).
Roubini is particularly drawn to this report (.pdf) from Amherst Securities that suggest another 11 million homeowners remain underwater, which is well above the 3-4 million mark he had previously assumed.
So how does Roubini arrive at the $1 trillion number? Figure 11 million homes, a $200,000 mortgage on each, and a 50% recovery. Voila.
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