Economists say housing prices to Drop another 29%


I don’t often send out “national” items but….This will make for some ugly headlines:

David Crowe of the National Association of Home Builders said: ….“We have consumer confidence at or near a historic low,” the economist said Tuesday at the building industry trade show, “and it will probably deteriorate in 2009.”

The S&P/Case-Shiller Home Price Index fell 25.3 percent from March 2006 to October 2008.

Crowe said he expects prices to fall another 29 percent this year and new home sales to decline 14 percent.

Hat tip to Calculated Risk.

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