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back up.'"
Millen thinks a recurrence is unlikely. The economic backdrop was very different in 1987, with higher interest rates and a recession looming then, he said.
"Markets are more sophisticated today, and risk is more dispersed," he said.
HOUSING PICTURE concerned about the resetting of adjustable rate mortgages, which will mean bigger monthly payments for borrowers.
"We've got a huge amount of resets coming up in the first half of 2008," Vallar said.
He sees declines in the value it difficult for borrowers to may even owe more than their house is worth.STILL GRIMAmong the coming week's economic data, September housing starts, due on Wednesday, will be closely watched as that industry remains mired in what many describe as a recession.In a Reuters poll of economists, the median forecast is for housing starts to slip to an annual pace of about 1.29 million units, down from 1.33 million in August.Ed Vallar, director of research at GM Advisory Group in Port Washington, New York, said the housing slump is definitely not over. He is especially