Home Depot is also predicting a chilly fourth quarter, with per-share profits falling 12% to 16% from a year ago. “I know there are a lot of points of view out there, but I still think we have deeper to go than we have seen,” Chief Executive Bob Nardelli said on a conference call with analysts. “I do not think we have seen bottom yet. I do not see anything that says it’s going to get significantly better in ’07,” he added.

Now, these are estimates for Home Depot not the housing market directly.