http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HousePricesExpectedToFallUntil2009.aspx
The continuing spike in foreclosures and a glut of unsold homes will suppress housing prices at least through the end of next year, say officials with the biggest mortgage financiers.
U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the nation's biggest mortgage financiers said Monday.
Officials with government-sponsored mortgage companies Fannie Mae (FNM, news, msgs) and Freddie Mac (FRE, news, msgs) and CEOs from two major mortgage banks told the Mortgage Bankers Association's annual convention that the continuing spike in foreclosures and a glut of unsold homes will prevent any quick price rebound.
"It's going to be a long time before we see it bottom out and recover," said David Lowman, chief executive of JPMorgan Chase's Global Mortgage unit. "There's too much inventory already in the marketplace."
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