Harry Dent, founder of HS Dent and author of The Sale of a Lifetime, says he is selling his main house because it will be hit hardest, and he holds no gold. He believes markets have been in the greatest, longest bubble in history since March 2009, with long-term U.S. Treasuries the only safe place left. He advises selling the home with the most equity, since banks absorb much of the loss when heavily mortgaged homes fall. Existing-home contracts fell 7.3% in September to their lowest level since 2001, and Freddie Mac's average 30-year mortgage rate was 7.40% in mid-October. Dent expects real estate values not to return for 20 to 50 years as baby boomers sell, and he says gold, which traded around $4,150 an ounce on Oct. 20, must fall at least 60 to 70% before its biggest rally after the crash.
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Original headline: Im selling my main house : Harry Dent warns home prices may not recover for decades
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