Home prices should be flatlining through the rest of the decade, according to a Risk Managers’ association survey:
The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would.
Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday.
How’s that bailout working for you, President Obama?
In other news, the fall start sometime in September, usually.
12 years is on the long side for the recovery from the crash of speculative bubble in housing to end. But we can thank our progressive leaders for prolonging the event by “stimulus” that did nothing but add to the federal debt.
But I guess this is yet another of those bandaid removal arugments: all the pain at once, but done immediately, or less pain but for a far, far longer time. But in this case the net pain is far longer since we also have the medicine of a “stimulus” package to pay off.