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No Bottom in Sight: Home Prices to Fall Another 10-15 Percent, Says NYU Prof

Posted May 19, 2008 07:30am EDT by Aaron Task
Related: CFC, WM

Friday's "stronger-than-expected" home construction data really wasn't so strong. The bulk of April's 8.2% rise came from apartments as single-family home construction hit a 17-year low.

In the accompanying video, I attempt to dig a little deeper under the surface of recent chatter about a "bottom" in housing with, Professor Lawrence J. White, deputy chair of the Economics Department at NYU's Stern School and a former member of the Federal Home Loan Bank Board.

The current downturn is "much more serious" than past housing declines, Smith says, predicting another 10%-15% downside, on average, for national home prices over the next 6-to-12 months before any recover begins.

In other words, the housing market isn't anywhere close to a bottom yet.

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