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Most severe housing recession since WWII
If that doesn't tell you just how bad things are, maybe this will drive it home: Moody's Economy.com reports today housing markets across the country will crash and suffer price drops of more than 30 percent before the crisis is over. And it's going to be a while before the end is in sight. Moody's chief economist Mark Zandi says the housing recession will continue through early 2009. But he says it won't be until 2010 before we see any decent improvement in sales, construction and pricing.
Posted on December 6, 2007 8:14 AM PT | Permalink
Comments (2)
Wow...I wonder if it's better to rent for another year before I look for a buy a townhome/duplex in Dallas...
If I could suggest - those interested in nurturing the economy well, consider contacting a professional financial adviser/planner to put on some "financial smarts" seminars in your neighborhood or residential complex. Have fun with it too - that's what I'm doing and there's a growing interest.
Best,
Shalin
Posted by Shalin | December 6, 2007 9:55 AM PT
It had to happen some time, families have been in recession for years, losing good family supporting jobs, replacing them with sub-prime jobs, home ownership is becoming out of reach of more of the nations families every year. Same reason GM, Ford and Chrysler are suffering losses while KIA is booming. The number of people that can afford their product is declining. Sub-prime loans were the only way many people could buy a home.
There are no KIA homes poor people can buy. No China import homes. If they want to sell homes again, they have to find a way to either raise family incomes, or lower house prices. Not likely to raise family incomes any time soon, leaving us with the alternatives, sell less homes or crash the prices.
Posted by Harold Satterlee | December 11, 2007 5:42 AM PT
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