From Realtor Magazine Online, Daily Real Estate News August 3, 2009
While low- and moderately-priced housing markets have taken off in many parts of the country, the higher-end market is still struggling. Sales are slow and more price declines are imminent, observers say.
Joshua Shapiro, chief U.S. economist at MFR Inc., points to management job losses and resetting adjustable-rate mortgages held by prime borrowers, and concludes, "You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top."
Analysts at J.P. Morgan Chase & Co. recently predicted that the higher-priced housing market won’t recover until at least 2012, and peak-to-trough declines could surpass 60 percent, compared to 40 percent for the rest of the market.
Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (08/03/2009)
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