Economists polled by Reuters say the housing market should avoid another major downturn, though they expect continuing high unemployment and foreclosures to keep home prices relatively flat through 2011. David Wyss, chief economist at Standard & Poor’s, expects prices to be down through the first quarter of next year but feels the worst is over. Still, it could be five years before the market sees price peaks anywhere near those at the height of the housing bubble. Despite the favorable forecast, a recent NBC News/Wall Street Journal poll shows rising public pessimism about the economy. Nearly two-thirds of Americans said they believe things will get worse before they get better, up from 53 percent in January. More here.
Theresa Springer’s Blog
Economists Say The Worst Is Over
August 16, 2010
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