The Asian factor

Greenspan, Bernanke, Paulson and all top-spins will not achieve a real estate turnaround for 2007. The bubble was so big, similar to the internet stocks, that the burst will be definitely also similar.

Look to this: Sales of previously owned homes probably will tumble 4.6 percent to 6.18 million and the U.S. median home price likely will fall 1.3 percent to $219,100.

No matter the influx of money to the US, the GDP will be lower for the year: The U.S. economy probably will expand at a 2 percent pace in 2007, compared with 3.3 percent last year.

Even tough, the world economy is in good shape. It is the first time, probably since the last 20 or 30 years, that a near-crisis in the US will not mean a world crisis. It is the Asian factor.