Wednesday, May 25, 2005


Some In Housing Market Will Get "Burned"

Atlanta Federal Reserve Bank President Jack Guynn had a warning for the housing market today. "'There are some local markets, especially in coastal Florida, where I've heard stories for more than a year about behavior that's got to be characterized as nothing other than speculation,' Guynn said it response to questions after his speech."

"'It makes me very uncomfortable,' he added. 'Some buyers, some builders, some lenders are going to get burned, could very likely get burned, in some of those local markets.'"

He also indicated rates will continue going up. "'Given the current outlook for the economy, my personal view is that we've not yet reached a neutral policy stance,' Guynn said."

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