Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again.
“The housing crash is not over,” he said.
The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact has rippled through the recession-hit economy as well as the rest of the world.
A setback for the hard-hit housing market could portend problems for the U.S. economy.
Home prices, as measured by the Standard & Poor’s/Case-Shiller U.S. National Home Price Index, will trough in the third quarter of 2010 after declining 38 percent, Zandi said.
The index peaked in the second quarter of 2006 and hit a trough in the first quarter of 2009, a drop of about 32 percent.
Source/Full Story: Zandi | Reuters
One Trackback
[...] 4, 2009 — U.S. housing market meltdown not over yetMark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an [...]