US home prices are still dropping - and the S&P 500 will erase this year's gains, top economist David Rosenberg says
on Monday."Yet, prices in the new and existing market for residential real estate are deflating!"
The second chart, based on National Association of Realtors data, showed the median sales price for existing US homes fell in each of the past three months. "Play the market to the highs but make sure you have hedges and insurance in place," Rosenberg said."The fundamental lows in the S&P 500 are simply not in despite this year's rally.", he complained that many investors are treating stocks as"some 'get rich' quick scheme" and the stock market as a"casino," instead of a long-term vehicle for building wealth.
"Bonds are a ballast in the portfolio," Rosenberg said."You own bonds because every winning strategy needs a strong defense — an insurance policy."
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