McClatchy reported Sunday that housing prices haven't hit bottom yet. The article quotes Mark Vitner, senior economist for Wachovia, the nation's fourth largest bank, who said:
"I don't think we get strengthening in the housing market until late 2011 or 2012."
Before bottoming out, prices nationwide should fall 22 percent to 29 percent on average from their peak, according to a report that Wachovia released last Monday.
"I think we're somewhere between halfway and two-thirds of the way through the correction," said Vitner, who closely studies the trends in home prices and home sales nationwide.
2 comments:
I've lowered the price on my for sale house 29% since the peak and still no takers. I don't think the "bottom" is the problem, there are no loans to be had.
People don't have the money. Loans should not be given to people who don't qualify. That's why we're in this mess.
Post a Comment