Housing Prices 2009 Forecast
Ken Rosen a prominent housing economist and professor at the University of California at Berkeley belives home prices could drop an additional 6% to 7% this year. Rosen thinks housing prices are only about three-quarters complete.
Rosen said: "I worry about the cumulative decline of all the job losses leading to a second wave of foreclosures. So we have to stop this downward spiral."
Dean Baker, co-founder of the Center for Economic & Policy Research in Washington, D.C., said: "All the evidence is showing prices dropping at a more rapid rate, it's not a good time for people to buy houses when they're losing jobs at this rate."
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6 Comments
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I am surrounded by folks who think this is the time to buy. Just like I was 3 or 4 years ago.
Austin Attorney
Obviously, the big homebuilders have a different perspective, but the bottom line is the same. Prices will continue to decline until unemployment stops growing.
San Diego Real Estate Agency
Man, am I glad I talked my dad into not buying a house he most likely couldn’t afford, 8 years ago, and I was only 15! Too bad all these sob’s didn’t do the same.
San Diego Dentist
Stupid idiots in houses they couldn’t afford in the first place. No sympathy. Tough shit.
San Diego Lasik Surgeon
If you could not afford to buy a house then you should not have. Plain and simple.
Acne Specialist
It’s a shame to see people getting laid off. Hopefully things will turn around soon.
San Diego Hotel Clerk