No end in sight for housing slump
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Despite uptick in September, a glut of homes suggests that more price-cutting lies ahead.
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The housing market will stagnate rather than slump, economists insisted after figures from the Halifax revealed a 1.1 per cent drop in prices last month.
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Researchers say that the recent housing downturn doesn't necessarily mean an end to economic growth.
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NEW YORK -- American shoppers took a breather last month as the worst housing recession in 16 years eroded demand for building materials, appliances, and furniture.
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Home prices have plunged by 10 percent or more in some parts of the United States and interest rates on mortgages are at enticing levels, but many potential buyers are waiting for prices to fall further.
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Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.
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The slump, which has seen the median price of a home drop 1.7 percent, could last in into the summer of 2007, experts say.
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Construction of single-family homes dropped to the lowest level in more than 16 years as a severe housing slump showed no signs of a turnaround.
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Property prices are falling at rates not seen since the 1990s housing recession, warn surveyors.
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Even with the downturn in the real estate market, houses in the Boston area will continue to be unaffordable for many working families and first-time homebuyers, according to a new report from Harvard University's Joint Center for Housing Studies.
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The current slump in the housing market has done little to make Californian cities affordable.
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The Massachusetts housing market will remain in a slump, and by the time it hits bottom about a year from now, prices will have dropped 14 percent from the peak in 2005, according to an economic forecast released yesterday.
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As the housing boom continues, housing stocks are reporting record earnings. Neither is sustainable.
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Not everyone has suffered from the current housing slump. Exceptions include entrepreneurs with deep experience in real estate and those who have carved out a special niche.
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Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.
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WASHINGTON - The message from Ben Bernanke and his Federal Reserve colleagues is clear: The housing slump will drag on well into next year as credit problems linger. What's not so apparent is how they'll deal with the crisis, although another interest rate cut could come this week.
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Sales of previously owned homes inched up 0.4 percent but that did not change the overall bleak picture for a housing industry that has been suffering through a painful slump.