Saturday, December 22, 2007

Builders say bottom won't fall out for a while

WASHINGTON - A trade group for home builders said Thursday that home-price declines won’t stop until early 2009, as a lethargic economy and troubled mortgage market drop the bottom even lower.

David Seiders, chief economist for the National Association of Home Builders, said he agrees with what he called an emerging consensus about the housing market: that median U.S. housing prices will drop by 10 to 15 percent from a peak in 2005 to its eventual bottom.

“We’re coming off what had really been an over-exuberant housing boom,” Seiders said in a conference call with reporter

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source: realtytimes.com

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