“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot
19,618 Homes Offered For Sale on Countrywide Financial's Website
Total REO Asking Price: $3,308,329,521
(As of October 17, 2008)
Source: CountryWide Foreclosures
