Moody’s chief economist Mark Zandi says foreclosures still to increase…home prices will resume declining by early 2010…4.8 million foreclosure sales expected between 2009 and 20011…
The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said on Wednesday.
Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again.
“The housing crash is not over,” he said.
Read the full article by Julie Haviv, “U.S. housing market meltdown not over: Zandi” at Reuter (Dec 3 2009).