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Monday, September 20, 2010

The housing recession isn't over: CNN

Big news was that the National Bureau of Economic Research (NBER) declared that the recession ended in June 2009, however this very suspect.  Plus, there is CNBC declaring a double dip in the housing maket, so opinions all over the road map.  Look at this statement from Home builder Lennar

In a statement, Lennar CEO Stuart Miller conceded that while his firm was holding up better than some rivals, "high unemployment and foreclosures have continued to present challenges for the national housing market."
The spate of foreclosures is particularly problematic since it continues to add to the housing glut. And until the number of homes on the market comes down, it's tough to imagine how sales and prices will improve all that dramatically.
And this about the Los Angeles market
"Unless you let home prices fall to a level that will bring in more demand, you won't find a bottom. Home prices in many markets like California are still very high and have room to fall further," said Kenneth Naehu, managing director and head of fixed income with Bel Air Investment Advisors in Los Angeles

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