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« I hope this doesn't come as a surprise to anyone... | Main | Google this... » July 29, 2008Amid Housing Slump, Glut Eases Slightly
The number of homes on the market is finally falling in much of the U.S., but tight credit and a flood of foreclosures are still pushing home prices down. Making things worse, a sputtering economy is destroying jobs. That means even more foreclosures and fewer potential home buyers. Mark Zandi, chief economist at Moody's Corp. Economy.com, says he doesn't expect a major rebound in home sales and prices before the spring of 2010. "The recovery will vary considerably across the country, with California recovering quickly and Florida much more slowly," Mr. Zandi says. "We have the added weight of a recessionary economy" on what was already the weakest housing market since the 1930s, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. He says the market won't recover fully until employment starts growing again and credit becomes more readily available.
Posted by Jeff Brooks on July 29, 2008 11:03 AM | Permalink TrackBackTrackBack URL for this entry: |
