Notwithstanding the intensifying economic gloom, the bottom of the housing downturn is within sight for the nation…Presuming we see strong action by policymakers to help support the economy and the housing market, prices will begin to recover by the end of this year.
– Mark Zandi, chief economist of Moody’s Economy.com, in a new study of home prices in the country’s 381 metropolitan areas. Prices have already dropped an average of 25 percent, and will drop another 11 percent before hitting bottom, according to Zandi’s predictions.
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