Housing in freefall until credit loosens and supply recedes, experts sayNEW YORK: House prices may still have a long way to fall.
Across much of the nation, home values are dropping — even those backed by solid mortgages — and banks are repossessing more every day. Most experts say the dive won't hit bottom for another year and only after excess inventory is sharply reduced and credit markets improve.
More government intervention may be needed, too, if the free market system doesn't work quick enough.
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Meanwhile, the narrower Office of Federal Housing Enterprise Oversight said Tuesday that nationwide prices dipped 0.3 percent in the fourth quarter, the first annual decline in 16 years. Eleven states posted declines in values for the year, while prices in nine states appreciated more than 5 percent.
International Herald TribuneNow, we are supposed to believe that there is a federal regulatory agency involved. Granted its role appears to be to only monitor the carnage.
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