Wednesday, June 25, 2008

Housing rebound will take a while to arrive

Washington Post reports on a Harvard study:
Record foreclosures and limited access to credit will make it harder than usual to rebound from this U.S. housing market slump, the worst at least since World War Two, according to a Harvard University study on Monday.

A two-year home price drop is eating into housing wealth, curbing consumer spending and slicing away economic growth. This is unlikely to change until potential home buyers are convinced that prices have stopped tumbling, the study found.

The downturn has room to run.

Of course, being a potential home buyer, it is in my interest to use Internal Monologue to jawbone prices downward.

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