by Calculated Risk on 3/12/2007 12:36:00 PM

In a research note this morning, titled "Mortgage Liquidity du Jour: Underestimated No More", Ivy Zelman, et. al. at Credit Suisse wrote "it’s not just a subprime issue."

"Not just a subprime issue." More supply. Lower demand. Lower prices.

For those in the housing industry, 2007 will make 2006 look like a great year.