Treasury's Paulson Says Credit Crisis in Ending!

REALTOR® Magazine Daily Real Estate News May 9, 2008

Treasury Secretary Henry Paulson said Wednesday that the worst of the nation’s credit crisis has probably passed.

"There's progress," he said. "I think we're closer to the end of this" than to the beginning.

But Paulson doesn’t see much immediate change in the housing market. He said depressed home sales and prices remained "the biggest risk to the economy,” and he expects further pressure on housing in the months ahead."

Even the optimists here believe that you're going to continue to see in the next several months" newspaper headlines that will say prices have declined even further and foreclosures have increased, he said. "That's what happens during a correction."

Source: The Associated Press, Jeannine Aversa and Martin Crutsinger (05/07/08)