Housing bubble not fully deflated, sage warns

August 3, 2007
Jim Rogers, the Beeland Interests Inc. chairman who predicted the launch of the commodities boom in 1999, is convinced the nation has yet to see the worst of the housing decline.

In an interview with Bloomberg, Rogers, whose New York company bears his middle name, said he has sold short stock in house builders and investment banks because he's convinced the shares will continue dropping.

"This is the only time in world history when people were able to buy houses with no money down and in fact, in some cases, the builders gave them money for a down payment," he said. "So this bubble is the worst we've had in housing."
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