Thanks to reader TimB for sending this our way. To summarize, T2 argues:

1. Home prices have not bottomed
2. Prices will likely overshoot to the downside
3. Of the 12 bubbles presented, ZERO have ever experienced a V-shaped recovery
4. Banks are not prepared to handle the coming losses
5. Alt-A resets and inventory will keep a lid on prices
6. The economy will not rebound until 2010
7. Housing will bottom in mid-2010
8. There are opportunities

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