Scott Garrett: “But most experts would agree that the price of homes in this country on average will be going down 3, 4, 5 percent; and…”

“But most experts would agree that the price of homes in this country on average will be going down 3, 4, 5 percent; and this will continue during the course of 2008. And it's one of the reasons, as well, why we see consumer confidence beginning to erode, after a substantial period, a lengthy period of where consumer confidence was up. So when you think about the economic situation of the American family right now, energy costs going through the roof. I heard a figure the other day, I think they said on average American homeowners are going to spend around $2,000 more this year just to heat their homes. There's 2,000 bucks more out of their wallets. That's in addition to more money out of their pockets for gasoline, going to and from work. And that's in addition to the fact that the values of the house in certain pockets of this country will be going down. Their financial situation for the American public is being constricted.”