Fannie Mae Economist Stays Cautious on Housing Turnaround
Daily Real Estate News July 19, 2007
The U.S. housing market isn’t going to get any better this year, says David Berson, vice president and chief economist at Fannie Mae.Berson expects new and existing home sales to decline by 10.2 percent in 2007 to the lowest level since 2002.
Single-family starts are expected to fall 21.7 percent.He predicts that 2006 and 2007 will together show the largest drop in sales since the housing slowdown of 1989-1991.
Berson says it will take until 2008 before unsold inventories have fallen enough to relieve downward pressure on house prices.
Source: Reuters News (07/18/2007)
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