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Merrill economist predicts another 15% drop for housing, dashed hopes
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Wednesday, February 18, 2009
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From Newsmax:

Merrill Lynch economist David Rosenberg says home prices will drop another 15 percent as housing inventories remain double those in a normal market, making a late 2009 economic recovery a pipe dream.

"People would rather rent than take on a mortgage to service a deflating asset," Rosenberg told the Canwest News Service.

He said that housing demand continues to collapse despite the best homeowner affordability ratios in 40 years.

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Topics: Real Estate | Recession
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