More bad news, the stock market fell due to rumors of housing woes
The Chicago Sun Times reports that the head of Fannie Mae, a government-sponsored mortgage lender, predicted the housing market would weaken through 2009, and said a turnaround wasn't likely until 2010.
Fannie Mae is the largest buyer of mortgage paper in the United States. With all of their resources they should be able to make some good predictions.
Too bad they were not using this insight to predict when the bubble would burst.