« California, Nevada and Arizona - Foreclosure News | Main | FISCAL PRUDENCE ISN'T SEXY »
July 25, 2008
HOME PRICES EXPECTED TO FALL 15%
Posted by Jack Lee
"Foreclosures push all home values down by an estimated 6 percent, and will contribute to national prices declining another 15 percent by the end of 2009, Ethan Harris and Michelle Meyer, Lehman Brothers Holdings Inc. economists in New York, said in a report yesterday." Bloomberg News
Buyers are showing hesitation because this doesn't seem the best time to buy, home prices are still falling and they could be off another 15% by the end of 09. That could represent a $60,000 loss in a little over 18 months from now on a $400,000 home purchase. And if it were not buyers hesitating, we have lenders unsure who to lend to and that has the real estate market in bad shape!
Posted by Post Scripts at July 25, 2008 09:57 AM