by Calculated Risk on 1/13/2007 01:10:00 AM

This bears repeating:

"The worst is not over. The worst is in front of us."
Dr. Christopher Thornberg of Beacon Economics, Jan 12, 2007

We can debate whether or not the housing bust will significantly impact the economy, but there is no question the "worst is in front of us."

More from the Press Enterprise:

[Thornberg] warned that the housing slowdown has appeared slower and less daunting than it really is, because it takes a while for home prices to drop.

"This isn't going to hit bottom in 2007. This is going to be a mess for quite a while," he said. As a result Thornberg said construction-related jobs should feel a bigger pinch ...