One of our coaches just sent this article to me to share with all of you.
At this point it seems that nearly everyone is in agreement with what we have been saying for over 2 years. The bottom line is that the markets will continue to lose value through 2009 and into 2010…and there WON’T be any sort of bounce back for years after. In most markets the home prices will bottom around 2001-2002 prices. Once the depreciation levels off we will then see years of a flat or barely appreciating market.
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WASHINGTON (AFP) – The falling US housing market, the trigger for the global financial crisis, is still far from reaching the bottom, promising more pain for consumers and more bad debt for banks, analysts say.
With the real estate bubble burst, prices are sinking under pressure from a glut of unsold homes, particularly in areas like California, Florida and Arizona, rising unemployment and foreclosures, as well as tightening credit conditions.
“In terms of prices, I don’t think they’ll bottom out until the end of next year and I don’t think they’re going to bounce back. They’ll crawl back,” chief economist for ratings agency Standard & Poor’s, David Wyss, told AFP.
He sees another 10 percent fall over the next year measured by the Standard & Poor’s/Case-Shiller property survey that tracks prices in 20 cities. The market has fallen by 20 percent since its peak of July 2006.
The adjustment will not be reversed by proposed government intervention to help homeowners threatened by foreclosure, analysts say. As economic conditions worsen, the property market looks a one-way bet in the short-term.
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