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Sunday, December 23, 2007

2008 housing outlook: deeper home price slump




December 21 Money.CNN.com
The United States is deep in its worst housing slump since the Great Depression, and according to a new report, it's not going to get better any time soon. The forecast is for a longer, deeper home-price slump than previously expected, with double-digit declines in many markets. In a new survey, Moody's Economy.com says many metro areas will record losses of 20 percent or more during the downturn, with the national median price for single-family homes dropping 13 percent through early 2009. Factoring in discount offers from sellers, the actual price decline would be well over 15 percent. Eighty of the 381 metro areas covered by the report will record double-digit losses, according to the report. Most of the worst-hit markets are in once high-flying areas, such as California and Florida.
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