U.S. home prices have only fallen about halfway and are likely to fall at least as much as they’ve fallen so far, says Richard Syron, CEO of Freddie Mac.
“We now believe that national home prices will fall 18 to 20 percent peak to trough," Syron told investors in a conference call. "
The long and short of it is that we now think that we are half-way through the overall peak-to-trough decline." Syron also said, “Today's challenging economic environment suggests that the housing market is far from stabilizing."
Source: Reuters News (08/06/2008)
This article is from Realtor Magazine Daily Real Estate News 8/7/08
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